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Bitcoin has held its price despite selling pressure in the derivatives market and relatively weak buying in the U.S. market, but there is still no clear signal of a buying-led reversal, on-chain analyst Axel Adler Jr. said in a blog post.
Adler said the derivatives market pressure index fell from -25.36 to -60.80 over the past 24 hours, indicating stronger selling dominance. The Coinbase Bitcoin Premium Index also remained negative at -0.0455%, with its 48-hour average at -0.0323%, Adler said. Even so, BTC has not seen a sharp price drop, but neither indicator has yet shown signs of improving supply-demand conditions, Adler added.
The Coinbase Bitcoin Premium Index measures the BTC price gap between Coinbase and Binance, and a sustained negative reading is generally interpreted as relatively weaker BTC buying demand in the U.S. market. Adler added the situation could be seen as improving once the derivatives market pressure index rises above zero and the 48-hour average of the premium index also turns positive.