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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?
💡 DMK Insight
Bitcoin’s recent rejection near $98,000 highlights a critical moment for traders: profit-taking is in play. As spot traders seem to be losing momentum, the question is whether bears can hold this resistance over the weekend. If they do, we might see a deeper pullback, potentially testing support levels below. Watch for volume trends; a significant drop could signal further bearish sentiment. On the flip side, if bulls manage to reclaim momentum, a break above $98,000 could trigger a new wave of buying, especially from short-term investors looking to capitalize on upward momentum. Keep an eye on the $95,000 support level as a potential pivot point; a breach here could lead to increased selling pressure.
📮 Takeaway
Monitor Bitcoin’s $98,000 resistance and $95,000 support levels closely; a breakout or breakdown could dictate short-term trading strategies.
