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▲ Bitcoin (BTC)
Bitcoin (BTC) recorded its highest monthly gain in a year, but there are concerns about a potential repeat of January's price correction due to a drop in Coinbase premium.
According to crypto media outlet Cointelegraph on April 30 (local time), Bitcoin rose 1% compared to the previous day amidst the results of the U.S. Federal Reserve meeting and upward pressure on oil prices. TradingView data shows an upward trend in price, but short-term optimism among market participants is lacking.
A key market variable is the change in the Coinbase premium. This indicator represents the difference between Coinbase's BTC/USD price and Binance's BTC/USDT price. X (formerly Twitter) user Against Wall Street stated that despite the rise in Bitcoin's price, selling pressure on Coinbase is increasing minute by minute.
A negative shift in the Coinbase premium signals low demand during U.S. trading hours. In January, a price rebound and a drop in premium occurred simultaneously, after which the price hit a new macro low. A bear flag has formed on the daily chart, warning of a risk of price collapse.
Trader CJ analyzed that Bitcoin's long-term bottom has not been confirmed. CJ presented a scenario where the price could fall to $65,000. The analyst plans to revise their outlook based on April's closing data but currently anticipates a downward adjustment.
Meanwhile, Bitcoin rose 11.6% in April, according to CoinGlass data, marking its highest monthly performance since April 2025. The market is showing volatility between technical gains and bearish signals from key indicators.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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