Bitcoin’s recent rally is showing signs of fatigue, with key indicators suggesting potential short-term weakness. As the Las Vegas Bitcoin conference unfolds, the Coinbase premium index has flipped negative for the first time since April 8, indicating a pause in U.S. institutional demand. This shift follows a 19-day streak of positive readings, which had previously supported Bitcoin’s rise from $66,000 to over $79,000. Currently trading around $77,000, Bitcoin’s inability to reclaim the short-term holder realized price of $79,200 adds to the bearish sentiment.
The large Bitfinex whale remains heavily long, holding nearly 79,342 BTC, but this positioning raises concerns about a lack of short-term upside momentum. Historically, this whale tends to divest near local bottoms or when clear upward trends are established. As the conference progresses, the fading gains and indicators of potential consolidation could signal further downside risk for Bitcoin.
Market professionals should monitor these developments closely, as the shift in institutional demand and whale positioning may lead to increased volatility and price corrections in the near term.
Source: coindesk.com