Bitcoin has experienced a sharp drop to below $93,000 recently. The Coinbase Premium Gap, which analyzes price differences between Coinbase and Binance, has neutralized after being positive due to Microstrategy's $5.4 billion purchase.
Microstrategy's buying activity previously bolstered Bitcoin's price, but as this pressure decreased, Bitcoin's value fell. The metric's reading has closely aligned with Bitcoin's price movements in 2024 and can possibly predict future trends.
Moreover, Bitcoin Active Addresses saw a significant rise, indicating heightened network activity not attributed to buying, suggesting other transactions became prevalent.
Ultimately, Bitcoin's current price is hovering around $92,400, marking a 6% decrease in the past 24 hours.
