The pioneering digital asset is still struggling, failing to make a significant comeback, and its price is below the $95K resistance line.
Bitcoin rose above $108,000 to reach its most recent all-time high last week, but with a hawkish Fed narrative, things began to shift.
Bitcoin immediately responded by falling in value to less than $100,000, but that was only the beginning.
The following days saw sell-offs accelerating, reaching a low of $92,000 last Friday. Bitcoin paused the decline at this point, and on Saturday morning, it surged above $99,000 but was short-lived once more, as on Sunday, it dropped to $96,000 and is now sitting there.
Investors sitting on recent market gains are looking for extra returns, and a capital inflow into altcoins causes explosive rallies in brief bursts.
The massive expiry this Friday, when nearly $20 billion in notional value across Bitcoin and Ethereum options will expire, is the focus of everyone’s attention, according to a broadcast message released by Singapore-based QCP Capital.
Institutional investors are growing hesitant as the crypto market correction intensifies, with spot Bitcoin ETFs in the U.S. reversing a fifteen-day inflow.
While the monthly chart encourages confidence in the long-term uptrend, the daily chart warns of possible pullbacks. The market’s actions at this level will dictate Bitcoin’s next significant move, with resistance at $108,000 as the next major obstacle.