Coinbase Index Signals BTC Plunge: Market Alert Amidst $66K Dive

Before Bitcoin sharp decline to $66,000, the Coinbase Premium Index signaled bearish sentiment, suggesting potential market turbulence.

As Bitcoin price fluctuated, the Coinbase Premium Index dipped below 0.05, foreshadowing a 7% BTC drop to $66,000. This metric, indicating the variance between Binance USDT pair price and Coinbase Pro USD pair price, hinted at decreased bullishness among professional traders.

The decline in the Coinbase Premium Index hinted at weakened buying pressure from US investors, paving the way for a necessary price correction. Analysts suggest a 20% correction may precede BTC ascent to new heights, with short-term holders facing significant liquidation amidst the market turbulence.

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