Bitcoin steadies as Coinbase premium briefly turns positive

Bitcoin (BTC) enjoyed stability after Monday’s Wall Street open, while gold eyed new February highs. Traders described a “range game” and a liquidity buildup into key Fibonacci levels after a period of high volatility, and some noted an absence of sellers during the US session.

The Coinbase Premium Index, which measures the price gap between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, reduced its negative value over the weekend and briefly flipped positive for the first time since mid-January, CryptoQuant data showed. On Binance, CryptoQuant contributor CryptoOnChain reported “aggressive” whale buying and called the situation a classic “accumulation during capitulation.” The two-week moving average of mean exchange outflow hit 13.3 BTC per withdrawal on Feb.

8, more than double the value from late January.

United States, Wall Street

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