BTC Stalls Near $98K as Spot Trader Demand Fades
Bitcoin stalled near $98,000 as spot demand weakened, leading to a pullback below $95,000 due to profit-taking and seller dominance.Summary
Bitcoin's attempt to reach $100,000 met strong resistance near $98,000, causing a retracement below $95,000 by Friday. This pullback coincided with fading spot demand, evidenced by a weakening Coinbase premium index and a negative bid-ask ratio, suggesting sellers outweighed passive buyers.
Further analysis showed that while Bitcoin's Cumulative Volume Delta (CVD) suggested aggressive buying, it lacked the strength for a sustained move higher. Open interest also dropped following a liquidation flush, indicating a lack of new long positions entering the market. Market analysis firm Material Indicators noted that bears fought back strongly, flipping daily trend signals.
Crucially, short-term holders (STHs) realized significant profits, sending over 40,000 BTC to exchanges when the price broke above $97,000. This profit-taking near the STH cost basis suggests capital preservation is prioritized until stronger upside confirmation appears.
(Source：Cointelegraph)