bullish

Emperor

Bitcoin

Spot

<h3 class="wp-block-heading" id="h-key-insights">Key Insights:</h3>
<ul>
 <li>The recent dip in Bitcoin USD price comes from whales rather than spot ETFs, as indicated by the Coinbase Premium Gap (CPG).</li>
 <li>BTC has failed to hold above the $95,000 support zone, leading to the price dropping roughly $3,000.</li>
 <li>Analyst says BTC is not dead, but in an accumulation phase.</li>
</ul>
The Coinbase Premium Gap (CPI) indicator for Bitcoin (BTC) price recently fell to -14.78%, its lowest level in recent months. According to CryptoQuant, this indicates strong selling pressure from U.S. whale Bitcoin investors.
While Bitcoin USD continues to face downward pressure, market expectations are high about a bullish move soon.
<h2 class="wp-block-heading" id="h-bitcoin-price-facing-selling-pressure-from-whales-not-etfs">Bitcoin Price Facing Selling Pressure from Whales, Not ETFs</h2>
According to on-chain analytics data provider CryptoQuant, the Coinbase Premium Gap recently dropped to new lows.
Simply explained, the premium index measures the institutional interest that passes through Coinbase.
CPG measures the price difference between Bitcoin on Coinbase, a U.S.-based exchange, and global exchanges like Binance.
A positive CPG means BTC is trading higher on Coinbase. It also suggests strong U.S. buying demand, often institutions or <a href="https://www.thecoinrepublic.com/2025/09/05/record-bitcoin-whales-selloff-to-trigger-price-correction-below-100000/" rel="noopener noreferrer nofollow">BTC whales</a> accumulating.
Conversely, negative CPG values imply Bitcoin price trades lower on Coinbase. This means a weaker U.S. demand or active selling from U.S. participants.
According to analyst Mignolet, the Coinbase Premium Index is facing its strongest negative CPG in recent periods at -14.78.&nbsp; The analyst interprets it as intense selling pressure on Bitcoin.
<div class="wp-block-image">
 <figure class="aligncenter size-full">
 <img loading="lazy" width="594" height="508" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/01/image-360.png" alt="Bitcoin Coinbase Premium Index Analysis | Source: CryptoQuant">
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 Bitcoin Coinbase Premium Index Analysis | Source: CryptoQuant
 </figcaption>
 </figure>
</div>
Mignolet emphasized that this selling pressure is coming from U.S. whales operating outside of the <a href="https://www.thecoinrepublic.com/2026/01/13/bitcoin-etf-regains-momentum-with-116m-inflow-btc-price-to-105k/" rel="noopener noreferrer nofollow">spot BTC exchange-traded funds</a> (ETFs).
His sentiment is based on the fact that the selling pressure happened during U.S. off-hours when ETF trading windows were closed.
This creates a situation where non-U.S. buyers are not absorbing the sales volume as aggressively. The result is that the Bitcoin price gets dragged lower more noticeably on Coinbase.
Historically, strongly negative CPG readings have acted as bearish signals in the short term. It often coincides with downward price momentum or corrections from U.S. traders.
<h2 class="wp-block-heading" id="h-bitcoin-usd-price-dump-analysis">Bitcoin USD Price Dump Analysis</h2>
At press time, the Bitcoin USD price has dropped 2.4% over the past 24 hours. The leading coin now hovers around $92,981, falling from its recent highs.
Amid the sharp Bitcoin pullback, crypto analyst Ted Pillows shared an analysis of the price movement. Spotlighting a chart, Pillows noted that BTC has failed to hold above the $95,000 support zone.
Last week, Bitcoin USD flashed a buy signal with price consistently <a href="https://www.thecoinrepublic.com/2026/01/14/bitcoin-liquidations-ratio-shifts-disproportionately-against-shorts-as-price-rallied-above-95000/" rel="noopener noreferrer nofollow">holding above the $95,000</a> psychological support level.
However, its failure to hold above this level led to the Bitcoin price dropping roughly $3,000.
After the dump, BTC price found a temporary footing near $92,500. While Bitcoin has attempted to achieve stability around the level, Ted Pillows highlighted a strong overhead resistance.
This implies any rebound attempt faces heavy selling pressure.
Still, the analyst is expecting to see how the US market opens tomorrow, Jan.20, 2025.
Aksel Kibar, a classical chart trader and ex-Fund manager, also <a href="https://x.com/TechCharts/status/2013112066039558390" target="_blank" rel="noopener noreferrer nofollow">shares</a> his opinion on the recent BTC price movement.
Kibar highlighted that BTC price is consolidating below the long-term average.
<div class="wp-block-image">
 <figure class="aligncenter size-full">
 <img loading="lazy" width="595" height="622" src="https://www.thecoinrepublic.com/wp-content/uploads/2026/01/image-359.png" alt="Bitcoin Price Analysis | Source: Aksel Kibar">
 <figcaption>
 Bitcoin Price Analysis | Source: Aksel Kibar
 </figcaption>
 </figure>
</div>
The analyst uses a 365-day EMA, which smooths out price data over about a year. He added that the Bitcoin price has not broken above this long-term average, showing the weakness is still intact.
<h2 class="wp-block-heading" id="h-new-room-for-spot-accumulations">New Room for Spot Accumulations</h2>
In contrast to the bearish analysis from Kibar, Bitcoin enthusiast Emperor on X shared a bullish outlook.
Emperor began with a sarcastic greeting to crypto bears, those who believe the market is crashing or entering a prolonged downturn.
He claimed Bitcoin is accumulating, quietly building strength, contrary to opinions that it is dying. Emperor attached a Bitcoin price chart to his post, which showed the coin is in an accumulation phase.
“Blue box zone looks like a good area to accumulate Spot buys,” Emperor emphasized.
The “blue box zone” here is around the recent low of $90,000 for Bitcoin USD price. It is viewed as an attractive level for spot buys because it is considered a temporary dip in an overall uptrend.
The post <a href="https://www.thecoinrepublic.com/2026/01/19/bitcoin-price-sees-big-twist-as-coinbase-premium-index-hits-new-low/" rel="noopener noreferrer nofollow">Bitcoin Price Sees Big Twist as Coinbase Premium Index Hits New Low</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Bitcoin Price Sees Big Twist as Coinbase Premium Index Hits New Low

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