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With the volatility in the price of Bitcoin (BTC), different metrics now play a key role in judging what traders should expect next. One invaluable tool during this period remains Coinbase Premium, a metric that clearly defines the two extremes of Bitcoin's price. CryptoQuant Founder Ki Young Ju mapped out these two extreme price levels for the coin in his recent post on X.
Defined Bitcoin support level
Coinbase Premium is a metric that tracks the price difference of Bitcoin between Coinbase Pro (USD pair) and Binance (USDT pair). According to Young Ju, Bitcoin has moved sideways since March.
Based on this, Coinbase Premium showed large differences at $53,000 and $72,000. At these two points, Bitcoin whales bought the coin in the upper range while selling it for $53,000. In a contrary move, whales on global exchanges blocked an ATH breakout and defended $53,000, establishing a key support level.
According to the CryptoQuant founder, this trend, though defined, may benefit much more from a near-zero premium and may act as a support or resistance level. With the guidance range in view, Bitcoin traders can now proactively watch out for changes in trends.
Bitcoin price range and Key Expectations
The price of Bitcoin has returned to $60,800 after plunging as low as $58,895.21 over the past 24 hours. As of writing, the coin is now changing hands for $60,842.81, up 0.3%, as trading volume jumped 9.36% to $30.23 billion.
There is mixed sentiment regarding the price of Bitcoin. Despite the recovery, there are still expectations that the coin may slip back to the $58,000 range as volatility is sustained. Peter Brandt also backs this pessimism.
Nonetheless, Bitcoin is known to remain resilient during times of uncertainty like this. While traders are bracing for this potential slip, some are still focusing on the optimism of leaders like Michael Saylor.