Bitcoin futures break $50K: Why BTC price is primed for another leg up

Bitcoin futures break $50K: Why BTC price is primed for another leg up


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

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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

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