Glassnode: Coinbase Premium Deepest Since February

Glassnode data shows US demand for Bitcoin has gone quiet, with the Coinbase premium remaining below zero through the entire slide from the September high and its 30-day average hitting the deepest level since February.

Past rallies in 2024 and 2025 all operated with a premium, and several launched from discounts of similar depth. Bitcoin trades at $71603.82 on the 4h chart inside a bearish structure defined by the EMA50 at $74992.15 and EMA200 at $78848.77. Momentum sits oversold with RSI at 27.09 while the MACD prints a death cross at -888.85; price is testing the lower Bollinger band support at $71610.81 against upper resistance at $75817.71, setting up potential exhaustion before any rebound attempt.