Bitcoin briefly sank below $79,000 on Wednesday before recovering to around $79,600, according to data from NewsBTC. The decline accelerated after weekend recovery surges above $82,000 failed to hold. The cryptocurrency now sits roughly 3.3% below its Sunday high.
The selling pressure appears concentrated on Coinbase, according to analyst Maartunn. The Bitcoin Coinbase Premium Gap — which measures the difference between BTC prices on Coinbase and other exchanges — has turned negative. A negative gap typically indicates that Coinbase users are selling more aggressively than traders elsewhere.
No specific on-chain volume figures were provided in the available reporting. The Coinbase Premium Gap is a widely watched metric among crypto analysts, often used to gauge institutional or US-based retail sentiment since Coinbase is a primary gateway for those groups.
If selling continues on Coinbase, Bitcoin could face further downside pressure in the short term. However, the metric is just one signal among many, and broader market sentiment remains mixed heading into the week.
Not all analysts agree on the significance of the gap. Some argue that temporary arbitrage activity or liquidity imbalances can skew the premium indicator without reflecting genuine bearish conviction.