The analyst of the on-chain analysis platform CryptoQuant included the current state of the cryptocurrency market in his current report.
CryptoQuant analyst focused on the coinbase Premium Index and its possible effects on Bitcoin in his post dated September 13. The analyst stated that the coinbase Premium is moving within an increasingly tight triangle, which could indicate the calm before the storm.
Coin stated that the price gap between Base and Binance is narrowing, and that a decisive move could soon be seen. The analyst reminded that a similar structure was broken upwards in 2021-2022, and a serious bull was seen with it:
Looking at the last 1-hour chart of Coinbase Premium, we can see that volatility is decreasing, with both the upper and lower bounds converging towards zero in a triangle pattern. This indicates that the price gap between Coinbase and Binance for Bitcoin is narrowing, the market has found its fair value, and a decisive move in the general price direction of Bitcoin is imminent. During the 2021-2022 bull market, we observed a similar triangle breakout on Coinbase Premium during a long consolidation phase.
According to CoinGecko data, Bitcoin, which has increased by 0.2% in the last 24 hours, is traded at $58,100 at the time of writing.
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