{"id":654946,"date":"2024-11-27T00:00:37","date_gmt":"2024-11-27T00:00:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=654946"},"modified":"2024-11-26T14:34:48","modified_gmt":"2024-11-26T14:34:48","slug":"bitcoin-crashes-under-93000-whats-behind","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crashes-under-93000-whats-behind\/","title":{"rendered":"Bitcoin Crashes Under $93,000: What’s Behind It?"},"content":{"rendered":"

Bitcoin has observed a plunge under the $93,000 level during the past day. Here’s what the trend in an indicator suggests about what could be behind this downturn.<\/p>\n

Bitcoin Coinbase Premium Gap Has Gone Cold<\/h2>\n

As pointed out by CryptoQuant community analyst Maartunn in a new post<\/a> on X, the Coinbase Premium Gap has returned to neutral levels recently. The “Coinbase Premium Gap<\/a>” here refers to an indicator that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).<\/p>\n

This metric essentially tells us about how the buying or selling behaviours differ between the user bases of the two cryptocurrency exchanges. Coinbase’s main traffic is made up of American investors, especially large institutional entities<\/a>, while Binance serves investors around the world.<\/p>\n

When the Coinbase Premium Gap has a positive value, it means the US-based whales are participating in a higher amount of buying or a lower amount of selling than the Binance users, which is why the asset is more expensive on Coinbase. Similarly, it being negative implies a net higher buying pressure on Binance.<\/p>\n

Related Reading: Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past couple of days:<\/p>\n

\"Bitcoin
The value of the metric appears to have seen a decline recently | Source: @JA_Maartun on X<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been at notable positive levels earlier, but during the past day, its value has declined to the neutral zero mark.<\/p>\n

According to Maartunn, the source of the positive premium was Microstrategy’s latest buying spree<\/a>. Indeed, the cooldown in the indicator matches up with the timing of the completion of the $5.4 billion purchase by Michael Saylor’s firm. The significant accumulation from the company had helped the cryptocurrency maintain its recent highs, but with the buying pressure depleted, Bitcoin has retraced to price levels under $93,000.<\/p>\n

BTC and the Coinbase Premium Gap have held a close relationship throughout 2024, so the metric could be to keep an eye on in the near future, as where it goes next may once again foreshadow the asset’s next destination. Naturally, a decline into the negative region could spell further bearish action for its price.<\/p>\n

In some other news, the Bitcoin Active Addresses indicator has observed a sharp jump recently, as Maartunn has shared in another X post<\/a>. This metric keeps track of the daily number of addresses that are participating in some kind of transaction activity on the network.<\/p>\n

Related Reading: Bitcoin To Smash $100,000? Rapid Stablecoin Exchange Inflows Continue<\/a><\/div>\n

Below is the chart shared by the CryptoQuant analyst for the 14-day simple moving average (SMA) of the Active Addresses:<\/p>\n

\"Bitcoin
Looks like the metric has been rapidly growing in recent days | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

With this latest surge, the 14-day SMA of the Bitcoin Active Addresses has reached its highest point in eleven months. This suggests that a lot of activity has recently occurred on the network. Given that the asset has gone down in the past day, though, the most recent user interest has certainly not come for buying.<\/p>\n

BTC Price<\/h2>\n

At the time of writing, Bitcoin is floating around $92,400, down almost 6% over the last 24 hours.<\/p>\n

\"Bitcoin
The price of the coin has plummeted over the past day | Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has observed a plunge under the $93,000 level during the past day. Here’s what the trend in an indicator suggests about what could be behind this downturn. Bitcoin Coinbase Premium Gap Has Gone Cold As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the Coinbase Premium Gap has returned to neutral levels recently. The “Coinbase Premium Gap” here refers to an indicator that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair). This metric essentially tells us about how the buying or selling behaviours differ between the user bases of the two cryptocurrency exchanges. Coinbase’s main traffic is made up of American investors, especially large institutional entities, while Binance serves investors around the world. When the Coinbase Premium Gap has a positive value, it means the US-based whales are participating in a higher amount of buying or a lower amount of selling than the Binance users, which is why the asset is more expensive on Coinbase. Similarly, it being negative implies a net higher buying pressure on Binance. Related Reading: Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past couple of days: As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been at notable positive levels earlier, but during the past day, its value has declined to the neutral zero mark. According to Maartunn, the source of the positive premium was Microstrategy’s latest buying spree. Indeed, the cooldown in the indicator matches up with the timing of the completion of the $5.4 billion purchase by Michael Saylor’s firm. The significant accumulation from the company had helped the cryptocurrency maintain its recent highs, but with the buying pressure depleted, Bitcoin has retraced to price levels under $93,000. BTC and the Coinbase Premium Gap have held a close relationship throughout 2024, so the metric could be to keep an eye on in the near future, as where it goes next may once again foreshadow the asset’s next destination. Naturally, a decline into the negative region could spell further bearish action for its price. In some other news, the Bitcoin Active Addresses indicator has observed a sharp jump recently, as Maartunn has shared in another X post. This metric keeps track of the daily number of addresses that are participating in some kind of transaction activity on the network. Related Reading: Bitcoin To Smash $100,000? Rapid Stablecoin Exchange Inflows Continue Below is the chart shared by the CryptoQuant analyst for the 14-day simple moving average (SMA) of the Active Addresses: With this latest surge, the 14-day SMA of the Bitcoin Active Addresses has reached its highest point in eleven months. This suggests that a lot of activity has recently occurred on the network. Given that the asset has gone down in the past day, though, the most recent user interest has certainly not come for buying. BTC Price At the time of writing, Bitcoin is floating around $92,400, down almost 6% over the last 24 hours. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":654950,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,87965,506,679,1119,78790,1393],"class_list":["post-654946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-coinbase-premium","tag-bitcoin-crash","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-coinbase"],"acf":[],"yoast_head":"\nBitcoin Crashes Under $93,000: What's Behind It?<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a plunge under $93,000 during the past day. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Crashes Under $93,000: What’s Behind It?","url":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crashes-under-93000-whats-behind\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crashes-under-93000-whats-behind\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/btc_4cf128.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/btc_4cf128.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin coinbase premium","bitcoin crash","bitcoin price","btc","btcusdt","coinbase"],"dateCreated":"2024-11-27T00:00:37Z","datePublished":"2024-11-27T00:00:37Z","dateModified":"2024-11-27T00:00:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Crashes Under $93,000: What’s Behind It?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-crashes-under-93000-whats-behind\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-crashes-under-93000-whats-behind\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/btc_4cf128.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/btc_4cf128.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin coinbase premium\",\"bitcoin crash\",\"bitcoin price\",\"btc\",\"btcusdt\",\"coinbase\"],\"dateCreated\":\"2024-11-27T00:00:37Z\",\"datePublished\":\"2024-11-27T00:00:37Z\",\"dateModified\":\"2024-11-27T00:00:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/btc_4cf128.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/654946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=654946"}],"version-history":[{"count":5,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/654946\/revisions"}],"predecessor-version":[{"id":655022,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/654946\/revisions\/655022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/654950"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=654946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=654946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=654946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}