Bitcoin prices are currently under pressure as several key indicators show weakening market sentiment.
At the time of writing, Bitcoin is trading at $76,293, up 0.05% since it opened early Wednesday in Asian trading.
One of the key indicators is the Coinbase Premium Index, which turned negative at -0.008, the first time in three weeks.
Simply put, when the index is negative, it means that the price of Bitcoin on the Coinbase platform is lower than on other exchanges.
This is often seen as a sign that demand from buyers in the United States is decreasing and selling pressure is increasing.
This situation coincides with the fall in Bitcoin prices, signaling that spot buyers from the United States are becoming more cautious.
In addition, weekly realized losses for Bitcoin have now reached $829 million, indicating that many investors are selling their holdings at a loss. This usually indicates that investor confidence is weakening and the market is not yet stable.
Market analysts also noted that Bitcoin has broken through a key support zone around $77,300, which had previously been an active buying area.
If the pressure continues, the $74,500 to $75,500 level is now seen as the next support zone.
At the same time, data from Binance shows very high selling activity.
The net volume of buy and sell orders reached -$828 million, indicating that sellers are more aggressive than buyers in the past 24 hours.
However, some analysts see this as a sign of short-term capitulation, a situation where investors panic sell before the market rebounds.
