Key Bitcoin price metric used by bulls falls to six-week low, but there’s a silver lining

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Bitcoin net realized profit and loss. Source: CryptoQuant However, the longer-term trend for Coinbase paints a steadier picture. The 14-day simple moving average (SMA) of the premium index has remained above its February lows. Similar recoveries in the moving average preceded renewed spot demand on Coinbase during March 2025, shortly before Bitcoin pushed toward $110,000 in April-May 2025. The daily premium readings still sit below zero, though the rising SMA points to easing sell-side pressure. Bitcoin also continues to hold above the $70,000–$75,000 range, a zone that previously attracted strong spot accumulation. Bitcoin Coinbase Premium 14-day SMA. Source: CryptoQuant Crypto analyst Amr Taha noted that activity across the Coinbase-linked network stayed elevated during the latest pullback. The Base blockchain revenue climbed to nearly $972,000 on May 19, exceeding late-March levels even as the Coinbase Premium Gap remained negative. The divergence highlights steady network participation inside the Coinbase ecosystem while spot demand gradually rebuilds. Daily blockchain total revenue by different protocols. Source: CryptoQuant The daily chart of BTC still leans bullish after the rejection near $82,000. The price continues to trade above the 100-day exponential moving average (EMA) near $76,800, which is acting as key dynamic support. The current retracement has held within the $76,000–$77,000 fair-value gap, keeping buyers active near recent accumulation levels. A recovery from this zone could reopen the path toward $80,000–$82,000, while the larger supply area near $86,000–$90,000 sits higher. BTC/USDT, one-day chart. Source: Cointelegraph/TradingView $74,800 remains a key level and a daily close below that price would mark the first bearish break in the current higher-low formation and shift focus to the $70,000 psychological support level. Futures data continues to support demand resilience. Market analyst CryptoOnChain reported that Bitcoin’s 30-day moving-average net taker volume dropped to $58 million on May 18 from $243 million in April. However, the metric remained positive during the recent correction, indicating that BTC futures buyers continued to absorb sell pressure near the current price. BTC net taker volume. Source: CryptoQuant More on the subject

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