Bad News from Analysts: Bitcoin Correction May Extend! “First Seen Since May!”

Bitcoin (BTC) broke a new ATH record by climbing above $123,000 in mid-July. However, it has been unable to sustain above $120,000 and continues to consolidate between $110,000 and $120,000. While it remains unclear which direction Bitcoin will move, one analyst noted that the BTC premium on Coinbase has turned negative for the first time since late May, which could be a sign that the correction is continuing. According to Coindesk, market analyst Omkar Godbole noted that the Coinbase BTC premium, a key indicator of demand from US investors, has turned negative after a historic 60-day run. Bitcoin has been trading at a higher price on Coinbase than on Binance for the past 60 days. This typically indicates strong buying interest from US investors, particularly large institutions. However, this premium has now reversed for the first time since late May, and Bitcoin is cheaper on Coinbase than on Binance. At this point, the analyst said that the Coinbase BTC premium turning negative for the first time since the end of May indicates that the buying pressure from US investors has decreased. According to the analyst, this signals a significant shift in market dynamics. US investor demand is weakening, and as a result, Bitcoin’s correction could continue. Summer Stagnation in Bitcoin! Apart from this, the crypto analysis platform Matrixport also made a similar analysis. Matrixport analysts stated that stagnation will prevail in the BTC price due to the historical summer months recession. At this point, analysts stated that with no significant catalyst expected in August and investor participation decreasing, Bitcoin could enter a short-term correction or move sideways. “Trading volume is likely to decline further in August due to the absence of specific catalysts and the traditional holiday season, which sees reduced retail investor participation. Therefore, we predict that Bitcoin may enter a short-term correction or sideways trend.” *This is not investment advice. Continue Reading: Bad News from Analysts: Bitcoin Correction May Extend! “First Seen Since May!”

Source: BitcoinSistemi