Bitcoin

Bitcoin Plunges Below $100K Despite Positive Coinbase Premium Signal – What’s Next?

Published

3 months ago

January 8, 2025

Este artículo también está disponible en español.

Bitcoin (BTC) has seen bullish but unsteady price action in early 2025, with recent data highlighting shifting sentiment among US investors. After briefly crossing the $102,000 mark yesterday, the asset has struggled to maintain upward momentum, shedding most of its recent gains as it stands at just below $100,000.

These developments coincide with critical insights from key on-chain metrics that offer a clearer view of Bitcoin’s short-term trajectory.

Bitcoin’s Price Struggles Despite Positive Coinbase Premium Index Signal

A CryptoQuant analyst known as Burak Kesmeci recently shared insights on the Coinbase Premium Index (CPI), which turned positive for the first time in 2025. The CPI measures the price difference between Bitcoin on Coinbase and other global exchanges, serving as a crucial indicator of US investor sentiment.

3 days ago, Coinbase Premium Index crossed SMA14 for the 1st time in 26 days—Bitcoin is now up 4% to $102K.
In Nov 2024, a similar move saw Bitcoin rally from $69K to $108K.
U.S. buyers could be back in action. pic.twitter.com/XtAlHUzzvv
— CryptoQuant.com (@cryptoquant_com) January 6, 2025

Alongside this positive shift, a notable 4,012 BTC outflow from Coinbase was recorded, signaling renewed buying interest among US-based investors. Historically, such patterns have been associated with a rise in buying pressure, often laying the groundwork for potential price surges.

Despite these positive signals, Bitcoin’s price performance remains restrained. After briefly surpassing $102,000 on December 6, Bitcoin retreated and now trades below $100,000, reflecting a modest 3.3% decrease over the past 24 hours.

Bitcoin (BTC) price Chart on TradingView — BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView

This price mark from the largest cryptocurrency by market capitalization puts it at approximately 8.9% below its all-time high of $108,135, achieved in December 2024.

Bitcoin Faces Key Resistance Levels

Notably, the current price action from BTC suggests that while buying pressure exists, it may not yet be sufficient to trigger another strong rally.

According to cryptocurrency analyst Ali, Bitcoin maintains a critical support zone between $95,400 and $98,400, where over 1.77 million addresses collectively hold 1.53 million BTC.

This support zone remains essential for stabilizing Bitcoin’s price amid market uncertainty. Conversely, resistance appears limited, with only 107,000 BTC supply positioned between $104,700 and $105,770. This relatively thin resistance could pave the way for upward movement if buying pressure intensifies.

#Bitcoin sits well above an important support zone between $95,400 and $98,400, where 1.77 million addresses bought over 1.53 million $BTC. However, there isn’t significant resistance ahead, only a minimal supply wall of 107,000 #BTC between $104,700 and $105,770. pic.twitter.com/MEATFegTV2
— Ali (@ali_charts) January 7, 2025

Meanwhile, zooming out, analysts remain bullish overall on Bitcoin. Captain Faibik for instance has recently shared his outlook on BTC suggesting that the asset is still poised for a rally to $112,000.

Bitcoin price chart. | Source: Captain Faibik on X

Featured image created with DALL-E, Chart from TradingView

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Bitcoin

BTC in Stasis Below $88K as Trump Suggests Bigger Tariffs on EU, Canada

Published

2 hours ago

March 27, 2025

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President Donald Trump has threatened bigger import tariffs against the European Union (EU) and Canada if they worked together “to do economic harm” to the U.S.

“If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump said in a late Wednesday night post on Truth Social.

Financial markets, however, remain steady in the wake of the new threat, with BTC in stasis below $88,000. Germany’s DAX futures fell 0.3% while their Wall Street counterparts traded flat to positive.

The resilience in the market likely stems from Federal Reserve Chairman Jerome Powell’s recent indication that the inflationary pressures resulting from tariffs could be transitory.

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Altcoins

‘Chart Is Still Broken’ – Crypto Analyst Predicts Sustained Downtrend for Altcoins Until This Takes Place

Published

6 hours ago

March 27, 2025

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A seasoned crypto trader is warning that the current bounce in the altcoin market will likely be short-lived.

Pseudonymous analyst The Flow Horse tells his 266,500 followers on the social media platform X that he thinks crypto is still bearish and the latest rally will probably lead to another leg down.

According to the analyst, the current bounce has not changed the bearish market structure of crypto.

“Bearish still on the high time frame until proven otherwise.

I can’t see any reason why this isn’t a relief rally and markets won’t continue to suck the next few months.

Chart is still broken.”

Elaborating on his bearish stance on crypto, the trader says on the instant messaging platform Telegram that the downtrend will likely persist unless Bitcoin (BTC) flips a key price area into support.

“I think we are at the part where the correction can be, as I said the other day, one that is more through time than through price.

I will be looking at how FARTCOIN, HYPE, PEPE, ENA and BERA continue to trade.

Being that it is a Bitcoin dominance macro trend, there is no reason to assume that changes, and any success in alts is going to come down to if BTC can turn this $90,000-$93,000 level into support.”

At time of writing, Bitcoin is trading for $87,813.

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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

GameStop Announces $1.3 Billion Fundraising Plan To Purchase Bitcoin

Published

6 hours ago

March 27, 2025

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GameStop Corp. (NYSE: GME) announced today that it intends to raise $1.3 billion through a private offering of convertible senior notes and will use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin. The move comes a day after the company revealed an update to its investment policy, allowing Bitcoin to be used as a treasury reserve asset.

The offering consists of $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes due in 2030. Additionally, the company plans to grant initial purchasers an option to buy up to $200 million more in notes within a 13-day period from the first issuance date. The notes will be general unsecured obligations and will not bear regular interest or accrete in value. They will mature on April 1, 2030, unless converted, redeemed, or repurchased earlier.

Upon conversion, GameStop will have the option to settle in cash, shares of its Class A common stock, or a combination of both. The initial conversion rate and other terms will be determined at the time of pricing. The company stated that it expects to use the U.S. composite volume-weighted average price of its stock from 1:00 p.m. to 4:00 p.m. Eastern Daylight Time on the pricing date as the reference for the initial conversion price.

GameStop emphasized that neither the notes nor any shares of common stock issuable upon conversion have been or will be registered under the Securities Act of 1933 or any state securities laws. As a result, they may not be offered or sold in the United States without registration or an applicable exemption. The company also stated that there are no assurances that the offering will be completed as described or at all.

This marks a significant financial decision for GameStop as it pivots toward integrating Bitcoin into its corporate strategy. A strategy pioneered by Strategy’s Michael Saylor, who met with GameStop’s CEO Ryan Cohen in person last month, and has definitely appeared to have had an influence on the GameStop’s decision to embrace BTC as a reserve asset.

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