Bitcoin slips under $80,000 as Coinbase Premium Gap turns negative

Bitcoin dropped below $80,000 after failing to hold recovery moves above $82,000 seen on Sunday and Monday, and the selloff accelerated on Wednesday with a brief dip under $79,000. The price later hovered around $79,600, roughly 3.3% below the Sunday high. The pullback coincided with the Bitcoin Coinbase Premium Gap moving into negative territory, pointing to relatively heavier selling pressure on Coinbase.