Bitcoin’s Coinbase premium indicator, which tracks the price difference between Bitcoin in USD on Coinbase and Tether on Binance, has shifted to negative territory for the first time since the February 3 crash, according to Coinglass data.
This suggests that U.S. traders are becoming more cautious ahead of the U.S. CPI report release on Wednesday, while international buyers have led the recent price recovery, pushing Bitcoin up from its low of $94,900 to $96,000.
Historically, strong bullish trends are often signaled by a price premium on Coinbase, indicating dominant buying activity from U.S. investors. The premium surged to a two-month high in early November as Bitcoin surged past $70,000.
