Coinbase premium flipped to negative for several brief moments as Bitcoin price dropped to nearly $44,200

Bitcoin price hit a recent low, at around $ 44,150, in the midst of major institutional purchases.

coinbase-premium-flipped-to-negative-for-several-brief-moments-as-bitcoin-price-dropped-to-nearly-44200

BTC/USD 4-hour chart | Source: TradingView

New low despite bullish signals from Bitcoin price

Bitcoin has received good news as asset manager Stone Ridge plans to become the first Bitcoin mutual fund, along with major corporate purchases from MicroStrategy and Square. However, these have failed to stave off bearish moods, with a 24-hour loss of close to 10% at press time.

Perhaps the final level of support will be at around $ 38,000 if Bitcoin fails to find buying volume at a higher level. At the moment, Bitcoin doesn’t look so great for an upcoming bull run.

A retest at $ 54,000 – $ 55,000 is possible. If Bitcoin fails to cross the $ 47,000 threshold, perhaps everyone should consider the $ 42,000 – $ 44,000 level.

Meanwhile, data from the professional trading arm of US exchange Coinbase shows that another large chunk of BTC leaves its books to a personal or custodial wallet – which has traditionally been the case. buy organization.

The latest spike to 12,100 BTC is the second this week, the volume itself is a rarity, a new chart from monitoring resource on the CryptoQuant chain confirms.

coinbase-premium-flipped-to-negative-for-several-brief-moments-as-bitcoin-price-dropped-to-nearly-44200

Coinbase Pro outflow annotated chart | Source: Lex Moskovski/ CryptoQuant

Coinbase premium has turned negative for a few short moments as Bitcoin plunged close to $ 44,200. Whales seem to prefer buying at current prices, with the result that a drop below $ 44,000 is unlikely.

You can see the BTC price here.

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