Bitcoin’s recent advance toward $100,000 has lost strength after facing firm resistance near $98,000. The rejection marked a shift in market dynamics, as spot demand weakened and short-term investors began locking in profits. By the end of the New York trading session, BTC had fallen back below $95,000, extending the pullback for a second consecutive day.
The retracement coincided with a decline in spot buying pressure, highlighted by a reversal in the Coinbase premium index. While the metric briefly turned positive near the local top, the lack of follow-through suggested limited participation from larger spot buyers. Market data also showed a divergence between price and cumulative volume delta, indicating aggressive buying was present but insufficient to sustain higher prices.
At the same time, the bid–ask ratio remained negative, signaling that sell orders continued to outweigh bids. This points to buyers lifting offers rather than building durable support levels.
Following a brief liquidation spike, open interest declined, confirming that leveraged positions were reduced and new longs hesitated to enter. Analysts noted that bears defended the $98,000 zone aggressively, with daily trend signals turning cautious.
Profit-taking by short-term holders added to the pressure. More than 40,000 BTC was sold into strength as prices approached the short-term holder cost basis near $98,300, reinforcing resistance and keeping upside momentum in check.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.