Bitcoin Trades Near $85,000 as Coinbase Premium Turns Negative and Two-Month TDI Shows Bearish Crossover

Bitcoin traded near the mid-$80,000 level as the Coinbase Premium Index remained below zero, signaling reduced buying activity from U.S. institutional participants. The two-month Traders Dynamic Index formed a bearish crossover pattern similar to those observed near major cycle peaks in 2017 and 2021. The negative premium persisted even as offshore exchanges showed more stable pricing, suggesting U.S. traders may be reducing exposure during the current correction.