Bitcoin (BTC) Just Reached $86K: There’s Just One Problem

Bitcoin pushed through $85,000 on Monday as the latest leg higher took it to levels last seen in late January. The crypto asset has gained 6% over the past 24 hours. But data suggests that this recovery has yet to receive strong confirmation from US spot demand.

Recovery Has a Missing Piece According to the latest data shared by CryptoQuant, the Coinbase Premium Index has turned negative again. The index measures the price difference between Bitcoin on Coinbase’s USD market and Binance’s USDT market.

A positive reading usually means stronger buying activity from US investors. A negative reading, on the other hand, suggests weaker demand or relatively stronger selling pressure on Coinbase.

It’s worth noting that the data came earlier today when BTC stood at around $81,500, and the index was at -0.02. The premium had briefly moved above zero but has now slipped back into negative territory.