Despite a rebound in Bitcoin's spot price towards $78,000, the Bitcoin Coinbase Premium Index has remained negative, highlighting persistent selling pressure from U.S. traders. Analyst Axel Adler Jr noted on X that the index, which measures the price difference between Bitcoin on Coinbase and Binance, indicates lower buying activity among Coinbase users. The trend flipped late last year as selling increased alongside price declines, resulting in a significant negative peak in February. Although the market has stabilized since then, negative premium levels persist, undermining the price recovery. Currently, the Coinbase Premium Index stands at -0.098, its lowest value this month, suggesting significant selling pressure has contributed to recent retracements as Bitcoin hovers around $77,300.