$BTC Bitcoin’s recent rally looks like it’s starting to lose momentum. After pushing close to $79,400 on Sunday night, the price has pulled back toward $77,000, and several indicators are now hinting at possible short-term weakness.
One major signal is the Coinbase premium index, which has just turned negative for the first time since April 8. It dropped to -0.04% after staying positive for about two weeks — a period that reflected strong demand from U.S. institutional investors and helped drive Bitcoin up from $66,000 to nearly $79,000.
Since the Coinbase premium compares prices between Coinbase (mostly used by U.S. institutions) and offshore exchanges like Binance, a move into negative territory suggests that institutional buying is slowing down. When this happens, the market tends to rely more on offshore demand, which often leads to either consolidation or short-term pullbacks.
At the same time, $BTC Bitcoin has also failed to reclaim the short-term holder realized price around $79,200, which is another sign that bullish momentum is weakening.
On top of that, the large Bitfinex whale — often watched as a key market signal — is still holding a near-peak long position
. The wallet currently holds around 79,342 $BTC BTC, just below its cycle high of 80,100 BTC. Typically, this whale starts reducing exposure when a clear bottom is in or when strong upward momentum returns.
The fact that the position remains so high, even after Bitcoin’s move toward $79,000, suggests that there may not be much upside left in the short term and increases the chances of a pullback.
Overall, the combination of a negative Coinbase premium, resistance around key price levels, and heavy whale positioning points toward a possible period of consolidation or a dip in the near term.
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