- Bitcoin (BTC) held steady after Monday’s Wall Street open, maintaining calm while Gold prices pushed toward new February highs.
- Analysis from traders suggests Bitcoin is entering a “range game,” likely bouncing between key Fibonacci levels after recent volatility.
- The Coinbase Premium Index, measuring the difference between prices on Coinbase and Binance, briefly turned positive for the first time in four weeks.
- On-chain data from CryptoQuant shows aggressive whale accumulation on Binance, signaling potential support even as wider market sentiment remains defensive.
Bitcoin demonstrated a period of stability as trading began on Wall Street this Monday, with trader attention divided between its calm price action and gold’s rally toward monthly highs. TradingView data captured this curious absence of volatility, indicating that participants were firmly in a “wait and see” mode.
Consequently, X analyst StefanB anticipated a “liquidity buildup into key levels” next, telling followers this is the range-bound behavior he wants to see following high volatility. Meanwhile, on-chain metrics offered a more nuanced view of the underlying market forces at play.
The Coinbase Premium Index significantly reduced its negative value and even flipped positive over the weekend for the first time since mid-January. This subtle shift suggested a potential change in buying pressure from U.S.-based investors on the Coinbase exchange.
However, a report from on-chain analytics platform Glassnode described market participants as “risk-off” across all crypto sectors in its latest “Market Pulse” report. The platform noted, “Overall, conditions remain defensive across spot, derivatives, ETFs, and on-chain indicators.”
Conversely, CryptoQuant contributor CryptoOnChain reported “aggressive” whale buying activity in a “Quicktake” blog post, indicating a classic accumulation scenario. They concluded, “While sentiment is fearful, the sharp rise in the Mean Exchange Outflow confirms that large-scale investors are aggressively buying and withdrawing Bitcoin.”
Meanwhile, in the broader macro environment, precious metals retained the spotlight as gold continued to build on its earlier reclaim of the $5,000 per ounce level. This traditional safe-haven asset was seeking new month-to-date highs, providing a contrasting backdrop to the cautious crypto markets.
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