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Bitcoin Price May Have Hit Support Following Coinbase’s Premium Upsurge

Analyst Says Bitcoin Price May Have Hit Support Following Coinbase's Premium Upsurge

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.





Analyst Says Bitcoin Price May Have Hit Support Following Coinbase's Premium Upsurge
BTCUSD Chart By TradingView




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.