Bitcoin faced additional downward pressure on Monday as trader Peter Brandt issued another bearish price outlook.
- Coinbase premium index turned negative again, signaling weak U.S. demand.
- Peter Brandt expects further downside based on long-term support zones.
- Mid-$40K remains the deepest support region in his current outlook.
The cryptocurrency fell 6% intraday to $85,653, contributing to a more than 5% decline in total crypto market capitalization to $2.92 trillion.
Coinbase Premium Index Signals Weak U.S. Spot Demand
Fresh data shows the Coinbase Bitcoin Premium Index flipping negative again. The indicator measures whether BTC is trading higher or lower on Coinbase compared with offshore exchanges. A negative reading typically suggests weaker buying activity from U.S. investors.
The chart shared today shows the premium moving into deeply negative territory throughout November, briefly turning positive near the $95,000 region before slipping back below zero during the latest market selloff. Historically, extended negative premiums have aligned with periods of elevated selling or reduced institutional inflows from U.S. trading desks.
Expert Warns of Deeper Correction
On December 1, Peter Brandt reiterated his short-term bearish view in a technical post on X. He referenced a long-term logarithmic Bitcoin chart and pointed to the upper level of a support zone beginning below $70,000. According to his interpretation, Bitcoin could still decline within that zone before finding major support.
Brandt mapped the lower part of this region to the mid-$40,000 area and added that forced selling from institutions and companies holding BTC could intensify the move if risk sentiment continues to deteriorate.
Last month, his support projections of $81,000 and $58,000 gained attention after Bitcoin dropped below both $100,000 and $81,000 soon after his post.
Long-Term Outlook Remains Bullish
While Brandt expects further downside, he has repeatedly clarified that his long-term outlook on Bitcoin remains positive. He continues to view the broader multiyear trend as intact, despite the current correction phase.
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Source: https://coindoo.com/market/bitcoin-drops-as-coinbase-premium-turns-negative-again/
