Bitcoin dropped to $61,049 after it surged to new levels on Wednesday. The $63,500 high was followed by a dip, knocking bulls to the lower ends of the $60,000 price mark.
As the market blinks in subtle red for Bitcoin, Coinbase premium skyrockets, meaning that the spot buying pressure from the exchange is becoming stronger. Institutions, long-term holders, and investors are opening their wallets to continue accumulating more Bitcoin.
The result of this activity is what is reflected in the chart below as a surge in Coinbase’s premium in comparison to the Binance exchange. This is yet another healthy sign for the Bitcoin market.