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▲ Bitcoin (BTC)
Bitcoin (BTC) recorded its highest monthly gain in a year, but there is a possibility of a repeat of last January's price correction due to a drop in Coinbase premium.
According to cryptocurrency media outlet Cointelegraph on April 30 (local time), Bitcoin rose 1% from the previous day amidst the results of the US Federal Reserve meeting and upward pressure on oil prices. TradingView data shows an upward trend in price, but short-term optimistic outlooks from market participants are lacking.
A key market variable is the change in the Coinbase premium. This indicator refers to the price difference between BTC/USD on Coinbase and BTC/USDT on Binance. X (formerly Twitter) user Against Wall Street reported that despite the rise in Bitcoin's price, selling pressure on Coinbase is increasing by the minute.
A negative turn in the Coinbase premium signals low demand during US trading hours. In January, after a price rebound and a drop in premium occurred simultaneously, the price hit a new macro low. A bear flag has formed on the daily chart, warning of a risk of price collapse.
Trader CJ analyzed that Bitcoin's long-term bottom has not been confirmed. CJ presented a scenario where the price could drop to $65,000. The analyst plans to revise the outlook based on April's closing data but currently anticipates a downward correction.
Meanwhile, according to CoinGlass data, Bitcoin rose 11.6% in April, marking its highest monthly performance since April 2025. The market is showing volatility between technical gains and bearish signals from key indicators.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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