The price of Bitcoin (BTC) has recovered in the past two days after falling as low as $ 28,850. However, after the rapid rebound, Bitcoin was unable to break the previous heavy resistance of $ 33,000 on January 23, falling below $ 32,000 as of Saturday evening.
earlier, according to the Coin Telegraph, when the price of Bitcoin began to fall below $ 32,000, Bitcoin was trading much lower on Coinbase than on Binance.
and the lack of a price increase on Coinbase was alarming for two main reasons. First, Bitcoin is naturally trading higher on Coinbase due to the slightly higher Tether spreads.
Second, when Coinbase sees a lower price than other exchanges, it shows that there is high selling pressure in the US market.
As the selling pressure on Bitcoin began to increase in the US market, the Bitcoin price gives the feeling of slipping sharply in a short period.
But, almost immediately after Bitcoin's bounce of $ 30,000, Coinbase's spread resurfaced. As of yesterday evening, Bitcoin was about $ 40 higher on Coinbase than on Binance.
the reappearance of a price increase on Coinbase approximately 12 hours later is a positive sign of a potential trend reversal.
Signs of institutional burnout
But everyone is far from optimistic in the near term. Analysts at QCB Capital, a team of traders in Asia, see several indications of institutional burnout.
Given that the main narrative about the recent conversation was institutional demand for Bitcoin coming from the United States, the rally could be in danger if the institutional appetite for Bitcoin slows.
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where they said: There are signs of institutional fatigue: We have performed a time zone analysis that breaks Bitcoin movements into Asian hours versus US hours (12 hours each). Since March last year, the apparent pattern has been relentless American buying while whales and Asian miners have been bidding.
