Bitcoin’s [$BTC] latest recovery is struggling to attract stronger participation from U.S. buyers, leaving an important source of market demand largely absent.
The Coinbase premium index measures the difference between the price on Coinbase and Binance.
As such, its extended period of time being in the negative direction clearly illustrates that the U.S. has continued to exert selling pressure against the amount of demand from U.S. buyers.
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Notably, the index did show a negative reading even at a point when Bitcoin was rising toward $87,000 in September. This implies that there were other regions of the world supporting price appreciation at that time.
Source: CryptoQuant
If this trend persists, it could cap the size of Bitcoin’s next advance. As a result, it could limit recovery strength and expose Bitcoin to further selling. Conversely, a sustained move above zero would indicate that U.S. demand is beginning to return.
Bitcoin demand shows early signs of recovery
Meanwhile, the combined spot and futures demand indicator for Bitcoin over a 30-day window is currently reporting a decline toward a reading of -200,000 $BTC. These results reflect continued net outflows from the global market.
However, this week’s reading has shown some improvements as spot demand has become increasingly less negative. Therefore, these results indicate that sellers appear to be slowing down their sales momentum.
Source: CryptoQuant
This disparity explains why it continues to be difficult for Bitcoin to maintain its current recovery amid easing downside pressure. On the other hand, declining negative demand could provide stability in terms of maintaining current prices around $77,000.
Ultimately, a sustained return to positive total demand for Bitcoin would significantly improve the prospects for a successful recovery. In particular, if spot buying resumes.
Bitcoin’s $79K resistance tests recovery strength
Although Bitcoin demand shows early signs of stabilization, its price structure still reflects considerable selling pressure. $BTC has rebounded from $76,000 to around $78,490, but the recovery remains gradual.
This suggests short-term recovery and reduced selling rather than strong new buying. The rebound now faces a critical test near $79,000, where previous support has turned into resistance.
Source: TradingView
Closing prices above $79,200 could lead to higher prices such as $80,400 and $82,000. On the other hand, if prices are rejected at this level, $BTC may decline toward $76,975 and possibly lower toward $76,000.
Overall, Bitcoin must regain the $79,200 price level in order to fortify its current recovery. Failure to do so could result in continued control of the broader downtrend.
Final Summary
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Bitcoin [$BTC] faces weak U.S. demand despite signs of easing selling pressure.
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$BTC must reclaim $79,200 to strengthen its recovery, with rejection risking a drop toward $76,000.