The bitcoin price surge that occurred on Sunday night has stalled near $79,400, exhibiting signs of exhaustion, with multiple indicators suggesting potential short-term vulnerability as the price drops back to around $77,000. The Coinbase premium index, which measures the price difference between Coinbase and offshore exchanges, has turned negative for the first time since April 8, indicating a decline in demand from US investors. Furthermore, the large Bitfinex whale's long exposure remains near its cycle peak, and the failure to reclaim the short-term holder realized price at $79,200 may lead to further selling pressure.
With the Bitcoin conference underway, the prior gains are fading, and historical trends suggest further decline.