Bitcoin Faces Greater Selloff Risk After 90 Days Of Weak U.S. Demand

Bitcoin (BTC) has spent 90 days with a negative Coinbase Premium, extending a U.S. demand signal that could leave the market more exposed to further selling.

Key Points:

• Bitcoin’s Coinbase Premium Index remained negative for 90 days and stood at minus 0.1066% at the time of the report.
• Bitcoin fell from about $79,000 in May to $62,923.64, while momentum indicators continued to reflect weak conditions.
• Glassnode found that buy-side liquidity below the market had eroded, potentially leaving price more sensitive to renewed selling.

Bitcoin U.S. Demand

Media reported that the Coinbase Bitcoin Premium Index remained negative for three months while Bitcoin struggled to recover the $70,000 level last seen in May. Data from Coinglass put the index at minus 0.1066% at the time of the report.

The index compares Bitcoin prices on Coinbase and Binance, so a negative reading means the asset is trading at a discount on Coinbase relative to Binance, pointing to weaker U.S. spot demand.

Bitcoin was trading at $62,923.64 after falling from roughly $79,000 in May, while the relative strength index stayed mostly below neutral during that period. Bollinger Bands also reflected persistent volatility. The weakness continued even though whale wallets had accumulated another 54,000 Bitcoin since mid-June, according to data cited by AMBCrypto.