Bitcoin Coinbase Premium hits 7-month low but traders spot a silver lining

Bitcoin dipped below $100,000 as the Coinbase Premium hit a seven-month low, signaling weak US demand. Meanwhile, onchain data hints that short-term holders may be buying the dip.

Key takeaways:

Bitcoin dropped below $100,000 and could retest its yearly open at $93,500 as its momentum weakens.

The Coinbase Premium hit a seven-month low, reflecting strong US spot Bitcoin selling pressure.

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