Bitcoin price analysis: Some indicators are still going the wrong way, challenging the bullish $70,000 holdout narrative
Despite Bitcoin holding $70,000 amid global turmoil, negative Coinbase Premium and slowing ETF inflows challenge the strong bullish outlook.Summary
Bitcoin has shown resilience by maintaining its price around $70,000 despite geopolitical risks and evaporating Fed rate-cut expectations, suggesting strong underlying demand. However, key indicators are signaling caution, challenging the purely bullish narrative. Specifically, the Coinbase Premium, which usually indicates aggressive U.S. institutional buying, is at its most negative in over a month, meaning BTC trades at a discount on the U.S. exchange. Furthermore, Bitcoin ETF inflows have slowed significantly in the latter half of March, following an initial strong period, suggesting institutional demand is becoming more selective rather than showing linear accumulation strength. These mixed signals suggest that while demand exists, the momentum needed for a sustained push past $70,000 might be wavering.
(Source：CoinDesk)