Bitcoin spot traders lose ground as BTC bears defend $98K
Bitcoin’s rejection near $98,000 took place as spot traders ran out of energy and short-term investors harvested profits. Will bears defend the resistance level throughout the weekend?
Bitcoin’s (BTC) push toward $100,000 met strong resistance, with spot demand showing signs of exhaustion just as sellers stepped in. After setting a local high near $98,000 on Wednesday, BTC retraced for two straight sessions and slipped below $95,000 by Friday New York session.
Key takeaways:
Bitcoin’s pullback followed fading spot demand, reflected in a weakening Coinbase premium.