Bitcoin Holds Near $63,000 Amidst Prolonged Coinbase Discount
The Coinbase Bitcoin Premium Index has been negative for 90 consecutive days, marking its longest negative period on record. The index currently sits near -0.1%, indicating that Bitcoin trades at a relative discount on Coinbase versus Binance.
This difference points to weaker U.S. buying demand or stronger selling pressure on the U.S.-based exchange. Despite this persistent discount, Bitcoin has still held near $63,000 in value.
Market expert JohnNguyen noted that the prolonged discount reflects differences in buying demand between major Bitcoin markets, rather than institutional outflows.
Top analyst Michaël van de Poppe identified $63,400 as the immediate resistance level for Bitcoin, suggesting a break above this level could lead to a move towards $64,600 or higher.