Key Bitcoin price metric used by bulls falls to six-week low, but there’s a silver lining

Bitcoin (BTC) request connected Coinbase points to aboriginal signs of marketplace stabilization arsenic BTC reclaimed the precocious bounds of its scope highs. The 14-day inclination of the Coinbase Premium Index has remained successful an uptrend, suggesting dependable purchaser involvement contempt traders taking $1.14 cardinal successful profits, which pushed the regular Coinbase premium to a six-week low. 

Coinbase request stabilizes amid antagonistic readings

The Coinbase Premium Index dropped to -0.087 connected May 19, its weakest speechmaking since March 31. A antagonistic premium means Bitcoin traded astatine a little terms connected Coinbase than connected Binance, signaling softer request from US-based buyers.

BTC profit-taking accelerated arsenic it rallied to $82,000 and holders realized 14,600 BTC ($1.14 billion) successful regular profits connected May 4. CryptoQuant noted unrealized nett margins climbed to 17.7% connected May 5, the highest level since June 2025. 

Bitcoin nett realized nett and loss. Source: CryptoQuant

However, the longer-term inclination for Coinbase paints a steadier picture. The 14-day elemental moving mean (SMA) of the premium scale has remained supra its February lows. Similar recoveries successful the moving mean preceded renewed spot request connected Coinbase during March 2025, soon earlier Bitcoin pushed toward $110,000 successful April-May 2025. 

The regular premium readings inactive beryllium beneath zero, though the rising SMA points to easing sell-side pressure. Bitcoin besides continues to clasp supra the $70,000–$75,000 range, a portion that antecedently attracted beardown spot accumulation.

Bitcoin Coinbase Premium 14-day SMA. Source: CryptoQuant

Crypto expert Amr Taha noted that enactment crossed the Coinbase-linked web stayed elevated during the latest pullback. The Base blockchain gross climbed to astir $972,000 connected May 19, exceeding late-March levels adjacent arsenic the Coinbase Premium Gap remained negative. 

The divergence highlights dependable web information wrong the Coinbase ecosystem portion spot request gradually rebuilds.

Daily blockchain full gross by antithetic protocols. Source: CryptoQuant

Related: This Bitcoin terms exemplary targets ‘conservative’ $255K by year-end

BTC terms receives enactment from the cardinal regular trend

The regular illustration of BTC inactive leans bullish aft the rejection adjacent $82,000. The terms continues to commercialized supra the 100-day exponential moving mean (EMA) adjacent $76,800, which is acting arsenic cardinal dynamic support.

The existent retracement has held wrong the $76,000–$77,000 fair-value gap, keeping buyers progressive adjacent caller accumulation levels. A betterment from this portion could reopen the way toward $80,000–$82,000, portion the larger proviso country adjacent $86,000–$90,000 sits higher.

BTC/USDT, one-day chart. Source: Cointelegraph/TradingView 

$74,800 remains a cardinal level and a regular adjacent beneath that terms would people the archetypal bearish interruption successful the existent higher-low enactment and displacement absorption to the $70,000 intelligence enactment level.

Futures information continues to enactment request resilience. Market expert CryptoOnChain reported that Bitcoin’s 30-day moving-average nett taker measurement dropped to $58 cardinal connected May 18 from $243 cardinal successful April. However, the metric remained affirmative during the caller correction, indicating that BTC futures buyers continued to sorb merchantability unit adjacent the existent price.

BTC nett taker volume. Source: CryptoQuant

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