Bitcoin Falls Below $77K as Dow Hits Record; Binance Buys
Bitcoin fell below $77,000 at the Wall Street open as the Dow hit record highs; Binance traders increased buying while U.S. demand weakened and the Coinbase premium turned negative.
Bitcoin fell below $77,000 at the Wall Street open on Friday while the Dow Jones Industrial Average reached a new intraday high. Bitcoin was down about 1.2% on the day as price pressure surfaced at the start of U.S. trading.
Exchange price data showed BTC/USD slipping under $77,000 at the U.S. market open. The Dow moved into price discovery, while the S&P 500 and Nasdaq 100 remained below their record levels. The Dow’s milestone was flagged on former President Donald Trump’s social media account.
Market commentary from Mosaic Asset Company noted that the average stock had diverged negatively from major indexes and described an oversold breadth condition forming. The firm highlighted a moving average convergence/divergence reading on stocks trading above their 20-day moving average.
On the cryptocurrency side, indicators tracking flows signaled weaker demand from U.S.-based buyers. The Coinbase premium, which measures the price gap between Coinbase and other exchanges, reached monthly lows and moved into negative territory, meaning prices on Coinbase were lower than on other platforms.
On-chain analytics showed the Coinbase premium moving further negative. On social media, a trader using the handle CW posted data from an analytics provider and wrote, “The negative value of the $BTC Coinbase Premium is growing larger,” adding that U.S. investors were unable to keep up with Binance’s buying power.
Market participants observed that Binance liquidity was more active while U.S. platforms showed subdued bids. Several traders noted that large holders sometimes use negative premiums to accumulate by buying on lower-priced U.S. venues and adjusting exposure on other exchanges.
Participants also reported a pattern this week in which the start of U.S. trading sessions coincided with recurring selling pressure on bitcoin, while offshore venues showed stronger bid-side participation. Friday’s action showed U.S. stocks advancing at the open as bitcoin experienced a modest pullback.
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