Bitcoin's Coinbase premium indicator, which tracks the price difference between Bitcoin on the Coinbase exchange and Binance, has turned negative for the first time since the market drop on February 3. This shift indicates that U.S. buyers are becoming more cautious as they await the upcoming U.S. Consumer Price Index (CPI) release. In contrast, international buyers are driving the price upward, recovering from lows near $94,900 to approximately $96,000. Historically, a positive Coinbase premium suggests a leading role for U.S. investors in bullish trends, with the premium peaking two months earlier as Bitcoin surpassed $70,000. The current market dynamics suggest a reversal in this trend, with overseas buyers currently exerting more influence on Bitcoin’s price movement.

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