Bitcoin's 'Coinbase Premium' Flips Positive After Weeks in the Red

Core Insights - Bitcoin is showing signs of U.S. bid-side strength with the Coinbase Premium Index turning positive after nearly a month below zero, as BTC hovers around $91,000 [1] - The Coinbase Premium Index indicates U.S. capital flows, with a positive print suggesting ETF-driven buying and renewed dollar liquidity, while a negative print signals domestic outflows [2] - Stablecoin balances on Binance reached a record $51.1 billion in November, indicating potential buying power in the market [3] Market Dynamics - The recent bounce in Bitcoin prices is characterized as a standard oversold recovery following two weeks of leveraged wipeouts, although BTC is still between critical levels [4] - The $90,000 level may act as resistance, with a need for a firm break above $95,000 to reclaim the upward trend [4] - A drop below $87,000 could lead to a decline towards $80,000, extending the capitulation phase observed in November [5] Sentiment and Performance - The sentiment index has risen to 25, indicating a move out of extreme fear but not yet signaling a complete shift in market psychology [5] - Only one in seven major tokens posted gains over the past day, reflecting the narrow nature of the current rebound despite the overall crypto market cap remaining near $3.1 trillion [5]