Slow BTC Coinbase Premium recovery could be bearish factor, says analyst

The slow recovery of the Bitcoin Coinbase Premium's 30-day moving average (SMA) is being cited as a potential bearish factor, according to crypto analyst nino. In a CryptoQuant contribution, nino noted that the metric is facing resistance as it attempts to turn positive. "The 30-day SMA for the BTC Coinbase Premium briefly surpassed zero but failed to maintain its momentum this week," he added. The Coinbase Premium Index measures the price difference between the U.S.-based crypto exchange Coinbase and the global market average, with a rising value typically indicating strengthening buying pressure from U.S. investors.