Bitcoin’s recent price action may be showing its first signs of relief as a 
closely watched indicator tied to US demand has just changed direction. The 
Coinbase Premium Gap has moved back into positive territory following nearly 
10 weeks of persistent negative readings, a stretch that coincided with 
Bitcoin’s decline from around $95,000 to below $65,000 in February. Coinbase 
Premium Turns Positive The Coinbase Premium Gap, which measures the price 
difference between Bitcoin on Coinbase, the primary exchange for US-based 
institutional and retail investors, and its price on offshore platforms such 
as Binance, stayed in negative territory for the entirety of Bitcoin&#8217;s 
correction from $95,000 to the mid-$60,000 range. Related Reading: Bitcoin 
Climbs Back To $73,000 As Short Squeeze Wipes Out $246M In Futures Bets 
Whenever the Coinbase Premium Gap is negative, it usually means that traders 
in the United States are selling Bitcoin at a faster pace than buyers are 
stepping in. A positive gap indicates the opposite dynamic of demand from US 
investors pushing Coinbase prices higher relative to the price in the global 
market. Notably, the metric entered a sustained negative zone on January 1 and 
held there through March 7, which is a period during which US spot demand was 
largely absent among crypto investors At its worst, the gap reached -175 on 
February 2, coinciding with the most severe phase of Bitcoin&#8217;s price crash. At 
the time of writing, the Coinbase Premium Gap has now turned positive, 
registering a reading of +25.4 according to data shared by CryptoQuant analyst 
@IT_TECH_PL. The reversal of the Coinbase Premium Gap from a low of -175 to a 
positive reading is the first step in a meaningful change in market structure. 
Chart Image From X. Source: @IT_TECH_PL The current reading, while still early 
and modest relative to the depth of the prior negative regime, is the first 
consistent sign that American spot demand may be returning to Bitcoin. It 
shows that those same participants may be slowly accumulating Bitcoin again 
compared to the rest of the world. However, the broader structure of Bitcoin’s 
price action still leaves room for further downside before the formation of a 
definitive bottom. Bitcoin Could Still Drop To $50,000 Before Bottom Although 
a few on-chain signals are slowly turning constructive, a few analysts are 
cautious before declaring the broader correction over. A technical analysis 
from crypto analyst Ted Pillows points to a longer-term technical indicator 
that has always coincided with Bitcoin bottoms. According to his observation, 
the last two major bear-market lows occurred below the 300-week exponential 
moving average (300W EMA). In both cases, Bitcoin fell more than 15% beneath 
the indicator before the final bottom was established. Bitcoin Price Chart. 
Source: @TedPillows On X Related Reading: Strategy’s Bitcoin Bet Now $3.35 
Billion In The Red As Saylor Tells Investors To Wait Bitcoin’s 300-week EMA is 
currently around $57,100. Applying the same pattern would imply a possible 
move to around $50,000, which would represent a decline of roughly 15% below 
the indicator. Nonetheless, this projection does not guarantee that Bitcoin 
will revisit that level before forming a bottom. Featured image from Pexels, 
chart from TradingView

Bitcoin Coinbase Premium Turns Positive After 10 Weeks – Is US Demand Finally Returning?

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