Bitcoin’s lack of price strength due to sheepish spot buyers: What happens next?
Bitcoin's price strength is hampered by weak spot demand, trapping it between $80,600 and $96,000.Summary
Bitcoin failed to sustain a move above the $93,000 resistance level, reverting to a price below $85,000, which invalidated a bullish trend reversal confirmation. The primary issue is thin spot liquidity and weak order-book depth, as active buying pressure between $84,000 and $90,000 is absent, despite significant on-chain accumulation around $84,000 forming a floor. Although the Binance Bitcoin to Stablecoin Reserve Ratio is at its lowest since 2018, suggesting massive stablecoin buying power is ready, this demand remains idle. Consequently, BTC is currently range-bound between $96,000 and $80,600–$84,000. A constructive move might involve retesting the lower band to absorb downside liquidity before a rebound, whereas an immediate push to $96,000 risks a seller re-entry. Sideways consolidation is likely until the upcoming FOMC meeting on December 9–10, as traders await clarity on US interest-rate policy.
(Source：Cointelegraph)