Bitcoin price briefly dipped below $62,000 after hitting a high of $64,448 on Oct. 7. While the weekly open restored traders’ hopes for a bullish October, today’s pullback to $62,000 suggests bulls are not yet in control. Bitcoin Coinbase Premium Maintains “Negative Momentum” Data from CryptoQuant shows that the Coinbase premium has largely remained negative since the beginning of October, indicating a lack of demand among Coinbase traders.

The Coinbase premium is an indicator of demand from retail investors in the U.S. An increasing value indicates greater buying pressure, while a negative value suggests selling pressure.

Previously, Cointelegraph reported on the positive value of the Coinbase premium on Sept. 27, which coincided with Bitcoin reaching a new local high of $66,450.

Currently, the selling pressure from Coinbase is evident, and the price is strongly reversing in the charts. In fact, independent trader Dom mentioned that the recent pullback from $64,400 came after a large spot sell-off on Coinbase and Bybit.

Meanwhile, on-chain analyst XBTManager believes that “negative momentum” indicates that there is continued selling pressure from Coinbase retail investors, which is currently the reason for the short-term bearish outlook. In the X blog post, the analyst mentioned:

During the recent drop, Coinbase appears to have disrupted its buying activity and initiated some selling. If this continues, it could have a significant impact on the market.

Furthermore, the analyst highlighted that traders on Bitfinex and Deribit maintained selling pressure, while buying interest on BitMEX and Huobi remained stable.

Meanwhile, Bitcoin ETFs witnessed strong inflows of $235.2 million on Oct. 7, the largest positive net inflow since Sept. 27, when BTC reached its recent high.

Thus, despite clear buying interest from firms like Blackrock ($97.9M inflows) and Fidelity ($103.7M inflows), retail traders on certain exchanges are not buying into Bitcoin’s bullish recovery.

Can Bitcoin Maintain Its Position Above Its Key Moving Averages?

Bitcoin is facing downward pressure after testing the supply zone between $63,300 and $64,200 following a strong bullish reaction on October 6. Since falling 3%, BTC has failed to close above $63,000 in the past 24 hours and is currently facing pressure to maintain a position above the 50-day and 100-day EMA levels.

Currently, Bitcoin remains above the 200-day EMA level, but a close below $61,700 would result in another short-term bearish trend shift. As shown in the chart, a move below the 200-day EMA would have the potential to once again sweep the equivalent low of around $60,000 established earlier this month.

Meanwhile, cryptocurrency trader Theo Trader believes that the current price action is sending “mixed signals” with the possibility of an “accumulation phase around $60,000.”