The impulse of bitcoin bulls, who started a fast run towards the end of 2020, started to decrease. The competition between the bulls and bears has been going in the range of $ 31,000 to $ 35,000 for some time. Some names think that this range can be maintained for a while. According to CryptoQuant CEO Ki-Young Ju, bitcoin bulls’ strength can be controlled by looking at the general situation at Coinbase. Whenever the Bitcoin price has encountered a critical hurdle lately, Coinbase has started to create a $ 50 premium. This; It also happened when bitcoin exceeded $ 20,000, $ 30,000, or $ 40,000.
It was an indication that the demand of the institutional investor for bitcoin was growing. But this premium started to decline at the beginning of the week. Ki-Young Ju says bitcoin is not strong enough to break “critical resistance points” in its current form. The name referring to Stablecoin reserves, “If no money enters the stock market, the bull run ends.” used the expression. According to CryptoQuant CEO, rebounding of Coinbase bonuses could positively affect the price.
Joseph Young, another analyst, agrees with the idea that the bulls may be getting weaker. He suggests looking at miner reserves as well as the Coinbase premium. CryptoQuant data from January 25 indicates that miners have started selling in large volumes.