CryptoQuant: Bitcoin's bullish momentum is fading, Coinbase Premium turns negative
- —Bitcoin's Bull Score fell from 80 to 60, marking a shift from an 'overheated' to a 'cooling' market
- —The Coinbase Premium turned negative at around -0.05 with BTC near $80,000
- —Altcoin inflows to exchanges reached 56,000 transactions on the 8th, the highest in 9 months
- —Key BTC support levels: the 200-day MA at $70,000 and the $62,000-$65,000 zone
Why it matters: Weakening US demand and rising exchange deposits of ETH and altcoins increase the risk of a deeper correction if BTC loses $70,000.
Source: Bloomingbit