Bitcoin price drops on Coinbase: $76,000 level expected
Bitcoin (BTC) demonstrated resilience on Thursday by successfully defending the $79,000 level. Nevertheless, some traders are concerned about slowing market momentum, as the Bitcoin price on Coinbase is trading at a discount compared to stablecoin pairs on international platforms. This is reported by Cointelegraph.com reports .
The BTC/USD rate on Coinbase has traded at a 0.03% discount compared to Binance, OKX, and Bybit over the past week. This situation differs significantly from the 0.04% premium seen in April and indicates shifts in market structure. Interestingly, this is occurring despite MicroStrategy purchasing 51,364 BTC in three weeks.
Analyses show that USD stablecoins are trading 0.6% cheaper against the Chinese yuan than the official exchange rate. This data indicates increased investor demand to exit the cryptocurrency market and may be the primary cause of the price discrepancy on Coinbase.
According to Glassnode data, average daily net deposits for Bitcoin on Coinbase amount to $58 million. This figure is relatively low and does not fully reflect the divergence in other markets. Even so, market participants do not rule out that Bitcoin may retest the $76,000 level.
