Bitcoin price forms two BTC futures gaps after Coinbase premium flips negative

Quick Summary:

Related: Strategy, Semler bag 2K Bitcoin as price edged toward $100K last weekThis selling pressure persisted over the weekend, contributing to the price decline, with anonymous crypto analyst Exitpump noting that Bitfinex whales exhibited significant selling pressure compared to Coinbase and Binance. Additionally, approximately 8,000 BTC in open interest (OI) was removed across futures markets, reflecting reduced leverage.

Source: CryptoQuantCointelegraph reported early signs of selling pressure, with Bitcoin recording over $300 million in negative spot cumulative volume delta (CVD) from April 27 to April 29, indicating sustained sell-side activity.

However, choppy price action is likely in the short term due to overhead resistance at $97,000-$98,000 (CME gap 1) and key support at $93,000, where multiple liquidity levels are present. Crypto trader UB pointed out several key areas of interest to watch for on X, saying: “Things are fairly clean in terms of key levels.$95.5k & $91.9k.

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Author / Journalist: Cointelegraph by Biraajmaan Tamuly

Category: Crypto

Markets: United States

Topics: Pressure Futures Selling Coinbase Delta Gaps Interest Price Bitcoin April Potential

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-06 @ 13:01:45 (15 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 454 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28438166

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 34 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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News Language: English

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Publisher ID: #11

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