Analyst: BTC Held Against Derivatives Selling Pressure Despite Weak US Buying Momentum

Bitcoin (BTC) has held its price against selling pressure in the derivatives market and weakening relative buying momentum in the U.S. market, though on-chain analyst Axel Adler Jr. says there are still no clear signs of a buyer shift, according to his blog analysis. He explained that recent 24-hour derivative market pressure index dropped from -25.36 to -60.80, indicating stronger selling dominance. The Coinbase Bitcoin Premium Index also currently shows -0.0455%, with a 48-hour average of -0.0323%, both remaining negative. While BTC price has not declined significantly under these conditions, Adler noted that improvement in supply-demand signals has yet to be observed from either metric.

The Coinbase Bitcoin Premium Index reflects the price difference between Coinbase and Binance; sustained negativity indicates relatively weaker buying pressure for BTC in U.S. markets. Adler added that a situation would improve only when the derivatives market pressure index rises above 0 and the 48-hour average of the premium index turns positive.