The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major futures exchanges, including Binance Futures.
However, on spot exchanges, like Coinbase and Binance, the price of Bitcoin rejected closely below $50,000.
BTC/USD 1-hour candle chart (Binance Futures). Source: Tradingview Why more upside is likely
On Feb. 16, the price of Bitcoin reached as high as $49,556 on Coinbase, marking its second attempt at breaking past the $50,000 resistance area.
Shortly after hitting $49,556, BTC saw a steep pullback, declining by around 3.5% within several hours.
CryptoQuant CEO Ki Young Ju explained that Bitcoin’s struggle to break past $50,000 is about “Coinbase whales (USD) vs. Stablecoin whales (USDT).”
Coinbase premium index. Source: CryptoQuant
Ki emphasized that there was a negative Coinbase premium at the time Bitcoin rejected $50,000 in the morning. For BTC to cleanly break past it, he explained that the negative premium has to be “cooled down.”
Since the initial rejection, the Coinbase