Bitcoin US demand stays weak for 90 days
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- Bitcoin’s Coinbase Premium Index remained negative for 90 days, signalling weaker US spot demand.
- The index stood at -0.1066% as Bitcoin traded at $62,923.64.
- Glassnode data showed fewer buy orders below Bitcoin’s market price than earlier this year.
Bitcoin (CRYPTO:BTC) has recorded a negative Coinbase Premium Index for 90 days, according to CoinGlass data.
The index stood at -0.1066%, meaning Bitcoin traded below its Binance price at the time.
The reading points to weaker US spot buying, although AMBCrypto said it does not prove institutional investors are leaving Bitcoin.
Bitcoin fell from about $79,000 in May to $62,923.64 when the article was published.
Glassnode data also showed fewer buy orders below Bitcoin’s current price than earlier in June.
The reduced orders leave less buying support if sellers increase activity, according to the report.
AMBCrypto said the indicators point to greater downside sensitivity, but do not necessarily mean Bitcoin will crash.
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