After an Extended Slump, Bitcoin’s Coinbase Premium Finally Moves Back Above Zero

Bitcoin is beginning to show its first signs of renewed U.S. buying pressure, with the Coinbase Premium Index turning positive after nearly four straight weeks in the red.

The shift emerged early Saturday in Asia as BTC traded near $91,000. The Coinbase Premium — which reflects the price difference between Coinbase and the broader global market — is often used as a proxy for U.S. capital flows. Negative readings tend to indicate domestic outflows or reduced institutional risk appetite, while a steady positive premium has historically coincided with ETF-driven demand and stronger dollar liquidity.

Thursday marked the first time since late October that Coinbase spot prices consistently traded above global benchmarks, suggesting U.S. buyers are stepping back in.

Flow data aligns with the move. Binance’s stablecoin balances climbed to a record $51.1 billion in November, signaling substantial sidelined liquidity. Options desks also highlight a reset in positioning: GSR noted that speculative long positions have largely cleared, and easing skew and downside protection demand point to a market “ready for growth.”

Research firms Kronos and Presto, in separate reports earlier this week, framed the recent bounce as a textbook oversold recovery following two weeks of leveraged shakeouts.

Even so, bitcoin remains boxed in by major technical levels. FxPro analyst Alex Kuptsikevich cautioned that the $90,000 zone — a key reaction area earlier this year — may now function as overhead resistance. Bulls likely need a decisive break above $95,000 to regain trend strength. Conversely, losing $87,000 could reopen downside targets toward $80,000, deepening November’s capitulation phase.

Market psychology is only tentatively improving. The sentiment index has climbed to 25, lifting it out of extreme fear but still far from signaling a broader shift. Meanwhile, just one out of seven large-cap tokens posted gains over the past day, underscoring how narrow the rebound remains even as total crypto market value hovers near $3.1 trillion.