Bitcoin Shows Early Relief as Coinbase Premium Index Rebounds
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- Coinbase Premium Index spiked to near 0.5 after Bitcoin slipped to around $60,000.
- A bottom might be setting in for Bitcoin as the price begins to rebound.
- Bitcoin dropped to $60K for the first time since October 2024.
CryptoQuant founder Ki Young Ju has pointed to early signs that selling pressure in Bitcoin may be easing. In a recent post on X, he noted that the Coinbase Premium Index has rebounded from negative levels, indicating improving U.S. spot demand rather than a confirmed trend reversal.
Bullish Sentiment is Returning to Bitcoin
According to Ju’s post, as of Friday, February 6, the Coinbase Premium Index briefly spiked near 0.5 after Bitcoin dipped to around $60,000, before slipping back into the negative levels. While the move does not confirm a market bottom, it suggests that aggressive selling has weakened and that U.S.-based buyers are gradually…
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