Coinbase Bitcoin Premium Index Stuck Negative for Record 50 Days
- Bitcoin Premium Index Streak: The Coinbase Bitcoin Premium Index has remained negative for 50 consecutive days, marking the longest stretch since its inception, with the latest reading at -0.0742%, indicating that Bitcoin trades cheaper on Coinbase than on Binance, reflecting persistent selling pressure from US capital.
- ETF Redemptions Impact: Between June 18 and July 1, US spot Bitcoin ETFs experienced net outflows exceeding $2.627 billion, with June 24 and 25 accounting for over 44% of total redemptions, highlighting a significant decline in investor confidence in the market.
- Supply Overhang from Mt. Gox: Ahead of the October creditor repayment deadline, the Mt. Gox estate moved 10,422 BTC, valued at approximately $739 million, adding to market uncertainty and increasing investor concerns about future price movements due to this supply pressure.
- Historical Trends and Market Response: The previous 40-day negative streak in January and February ended with Bitcoin rallying from $72,000 to six figures, while the current 50-day negative streak, coupled with ETF outflows, has yet to show similar rebound signs, indicating the ongoing nature of selling pressure.
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Technical Analysis for FLOW
Technical Sentiment Analysis for Flow (FLOW). As of , Flow (FLOW) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for FLOW stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, FLOW is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Flow (FLOW) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0233 | 0.0248 | 0.0263 | 0.0278 | 0.0292 | 0.0307 | 0.0321 |
| Fibonacci | 0.0248 | 0.026 | 0.0266 | 0.0278 | 0.0289 | 0.0296 | 0.0307 |
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