Bitcoin may be showing cracks in momentum, but trader flows suggest optimism into December.
The 14-month RSI is in bearish divergence, a sign the bull market could be fading as momentum fails to confirm new highs. The setup coincides with BTC meeting resistance at a key multi-year trendline.
Even so, OTC activity highlights aggressive bullish bets. “Blocks indicate December BTC call spreads at $125K/$160K are in play, with Ethereum also seeing $4,800 topside action for September,” said Jake Ostrovskis of Wintermute.
Block flows, typically dominated by institutions, are effectively wagers on Bitcoin rallying toward $160K–$190K into year-end. As of Friday, BTC traded near $110,500, logging a 4.6% monthly drop.
