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Bitcoin Crashes Under $93,000: What’s Behind It?

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Bitcoin has observed a plunge under the $93,000 level during the past day. Here’s what the trend in an indicator suggests about what could be behind this downturn.

Bitcoin Coinbase Premium Gap Has Gone Cold

As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the Coinbase Premium Gap has returned to neutral levels recently. The “Coinbase Premium Gap” here refers to an indicator that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).

This metric essentially tells us about how the buying or selling behaviours differ between the user bases of the two cryptocurrency exchanges. Coinbase’s main traffic is made up of American investors, especially large institutional entities, while Binance serves investors around the world.

When the Coinbase Premium Gap has a positive value, it means the US-based whales are participating in a higher amount of buying or a lower amount of selling than the Binance users, which is why the asset is more expensive on Coinbase. Similarly, it being negative implies a net higher buying pressure on Binance.

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past couple of days:

Bitcoin Coinbase Premium Gap

As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been at notable positive levels earlier, but during the past day, its value has declined to the neutral zero mark.

According to Maartunn, the source of the positive premium was Microstrategy’s latest buying spree. Indeed, the cooldown in the indicator matches up with the timing of the completion of the $5.4 billion purchase by Michael Saylor’s firm. The significant accumulation from the company had helped the cryptocurrency maintain its recent highs, but with the buying pressure depleted, Bitcoin has retraced to price levels under $93,000.

BTC and the Coinbase Premium Gap have held a close relationship throughout 2024, so the metric could be to keep an eye on in the near future, as where it goes next may once again foreshadow the asset’s next destination. Naturally, a decline into the negative region could spell further bearish action for its price.

In some other news, the Bitcoin Active Addresses indicator has observed a sharp jump recently, as Maartunn has shared in another X post. This metric keeps track of the daily number of addresses that are participating in some kind of transaction activity on the network.

Below is the chart shared by the CryptoQuant analyst for the 14-day simple moving average (SMA) of the Active Addresses:

Bitcoin Active Addresses

With this latest surge, the 14-day SMA of the Bitcoin Active Addresses has reached its highest point in eleven months. This suggests that a lot of activity has recently occurred on the network. Given that the asset has gone down in the past day, though, the most recent user interest has certainly not come for buying.

BTC Price

At the time of writing, Bitcoin is floating around $92,400, down almost 6% over the last 24 hours.

Bitcoin Price Chart



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Crypto Trader Unveils Massive Bitcoin Price Target Amid Extended BTC Bull Market – Here’s His Outlook

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A widely followed crypto strategist believes that Bitcoin (BTC) can take the path of higher for longer this market cycle.

Pseudonymous analyst Jack tells his 268,200 followers on the social media platform X that he thinks Bitcoin will not print a new all-time high this year after US President Donald Trump instigated a global trade war and created uncertain market conditions.

The trader shares a chart suggesting that Bitcoin will create a durable bottom between $66,000 and $80,000 for the rest of the year before launching a new bull run in 2026.

“Trump path clearly is contraction for now.

But in that world of less globalization and trust, Bitcoin is a good asset to have, becoming a ball held under water.

Similar to how 2013 saw a short bear [market].”

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Source: Jack/X

Looking at the trader’s chart, he appears to suggest that Bitcoin will rally to as high as $297,000 by November of 2026.

Jack says that one catalyst that could send Bitcoin flying is the potential capital rotation from gold to BTC. According to the trader, gold investors will eventually come to know that Bitcoin is far better than the precious metal as a safe-haven asset.

“What if Gold is trading like it is because everyone is scrambling to redeem paper for physical, of which there is a scarcity, vs. all the paper that has been issued, essentially catching up to its true value that has been diluted with paper

Bitcoin doesn’t have this issue and will rally once people realize it is the better alternative for trade due to this very specific property.”

“Paper” gold refers to financial instruments that allow investors to gain exposure to the precious metal without having to deal with the expenses or logistics of physically possessing the commodity. Jack appears to be highlighting Bitcoin’s portability as BTC holders can easily store, access and transfer their coins as long as they have the keys to their wallet.

At time of writing, Bitcoin is trading for $84,244.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Michael Saylor Teases New Bitcoin Buy After Strategy’s $7.69 Billion Q1 BTC Buying Spree

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Bitcoin (BTC) proponent Michael Saylor has hinted the company he co-founded, Strategy (MSTR), may be set to announce an additional BTC purchase this week shortly after revealing it expects a net loss in the first quarter of the year over unrealized losses on its massive BTC holdings.

The company has added 80,785 BTC to its balance sheet since the beginning of the year after raising a total of $7.69 billion during the first quarter, with over half of that coming from common stock sales. Most, if not all, of those funds were used to buy bitcoin.

On Sunday, Saylor posted a BTC holdings tracker to X, a move that typically precedes a purchase announcement, commenting there are “no tariffs on orange dots.” The comment implies the company’s BTC purchases were unaffected by the reciprocal tariffs Donald Trump introduced earlier this month and the ensuing U.S.-China trade war.

The company paused its buying during the week ending April 6. Its crypto stash is currently worth roughly $44.59 billion, and was acquired for $35.63 billion.

Strategy currently holds 528,185 BTC bought at an average price of $67,458 according to Bitcointreasuries data equivalent to 2.515% of the cryptocurrency’s total supply.





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ALCH

Crypto Strategist Sees Solana-Based Memecoin Surging Higher, Says One AI Altcoin Flashing Strong Chart

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A closely followed crypto analyst believes one meme token operating on Solana (SOL) is in the early stages of a market recovery.

Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that he’s bullish on the memecoin Bonk (BONK).

The trader shares a chart suggesting that BONK will face resistance at the $0.000012 level before printing a bullish higher low setup and rallying to his target above $0.0000145.

“BONK is looking strong in the short term, and should go higher. Should be a pullback around the 200 EMA (exponential moving average) on the four-hour chart but still, I think this has pulled back enough to where any buying down here is probably reasonable.”

Image
Source: Altcoin Sherpa/X

At time of writing, BONK is worth $0.00001376.

Turning to the low-cap altcoin Alchemist AI (ALCH), the analyst says the coin appears to be in an uptrend and that he’s waiting for potential dips to accumulate the asset.

ALCH is an artificial intelligence (AI)-based crypto project that allows users with no coding skills to generate codes by providing natural language descriptions.

Says Altcoin Sherpa,

“ALCH still seems like a really strong chart, don’t see it being mentioned much. I think it’s basically taken the place of ARC; a super volatile AI coin that moves 20% a day. Not in it but traded it a lot before; will look to buy dips.”

Image
Source: Altcoin Sherpa/X

At time of writing, ALCH is the 431st-largest crypto asset by market cap, trading at $0.109.

Looking at Bitcoin, Altcoin Sherpa thinks that BTC will continue to consolidate within a large trading range in the short to mid-term.

“Expecting there is some sort of chop between $70,000-$90,000 over the next several weeks for BTC. Relative bottom probably in, but still some more consolidation to come.”

Image
Source: Altcoin Sherpa/X

At time of writing, Bitcoin is trading for $85,366.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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