Bitcoin traders cashed out $1.14 billion in short-term profit as the BTC Coinbase premium dropped to a 6-week low, but technical data showed buyers were active near the range lows.

Bitcoin traders cashed out $1.14 billion in short-term profit as the BTC Coinbase premium dropped to a 6-week low, but technical data showed buyers were active near the range lows.

Bitcoin demand drops sharply, putting BTC at risk of a prolonged consolidation around the current range.

The Coinbase premium hit a monthly low as institutions sold aggressively and Bitcoin ETFs saw a four-day outflow streak.