American Bitcoin Whales Selling - A Key Signal Indicating Future Price Decline

Bitcoin is under pressure again, and this time, American investors may be the reason. A key indicator - the Coinbase Premium Gap - has turned negative, indicating increased selling pressure from American Bitcoin whales. Although this indicator has improved recently, it is now declining again, closely aligning with the correction in Bitcoin's price.

So, is more decline expected?

Coinbase Premium Gap is Declining

According to Abram Chart, a certified supply chain analyst at CryptoQuant, a key indicator called the Coinbase Premium Gap shows that Bitcoin is trading at lower prices on Coinbase, an American trading platform, compared to other global trading platforms.

When this happens, it usually indicates that American traders are selling more than they are buying, which could lead to a price decline. Currently, the Coinbase Premium Gap index stands at -5.07.

However, this aligns with the recent correction in Bitcoin's price, which has seen it drop from its peak of $97,865 to $94,162, suggesting that American selling pressure may be contributing to the decline.