Bitcoin continues to face challenges in regaining upward momentum, with the cryptocurrency still trading below $82,000 as of today. The asset remains 25.1% below its all-time high of $109,000, recorded in January.
Over the past 24 hours, BTC has seen an additional 0.7% decline, reflecting ongoing market hesitation and uncertainty among investors. Amid this price performance, CryptoQuant analyst Avocado Onchain has identified a notable trend in Bitcoin’s price channel.
Bitcoin Coinbase Premium and Market Sentiment
Despite Bitcoin’s downward trajectory, the Coinbase premium has been forming higher lows, indicating potential underlying demand. However, the CryptoQuant analyst warns that no clear signals of a breakout or reversal have emerged, leaving the market in an uncertain state.
Particularly, according to Avocado Onchain, Bitcoin’s price remains within a declining price channel, with repeated pullbacks making it difficult to determine a clear trend. Avocado noted:
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