Bitcoin’s lack of price strength due to sheepish spot buyers: What happens next?
Bitcoin fudged the breakout to $93,000 as global TradFi markets stumbled and BTC spot investors failed to provide the necessary volume.
Bitcoin (BTC) attempted to close above a key resistance zone last week after briefly spiking to roughly $93,300. However, BTC failed to stop a mean-reversion trend, with the price dropping below $85,000 on Monday.
Key takeaways:
Bitcoin’s inability to close above $93,000 invalidated the confirmation of a bullish trend reversal.