Bitcoin’s path to $80K may hinge on THIS hidden trend
The post Bitcoin’s path to $80K may hinge on THIS hidden trend appeared on BitcoinEthereumNews.com. The Coinbase Bitcoin Premium Index has experienced the longest-ever 50-day consecutive negative premium, according to Coinglass data. This indicates that institutions have been net sellers rather than aggressive buyers, or that institutional demand in the United States has been muted for a long time. Although a protracted negative premium frequently indicates short-term market weakness and cautious sentiment and does not always portend a long-term bearish trend. Source: CoinGlass Is another decline incoming? Meanwhile, the short-term average of Bitcoin’s Net Unrealized Profit/Loss (NUPL) crossed below the longer-term average on the 2nd of June. This happened when the 30-day EMA was at 0.155 and the 100-day EMA stood at 0.215. Source: CryptoQuant Even though both averages are still above zero, indicating that the average holder is still making money, this bearish crossover indicates that