Bitcoin Faces Pressure as Trader Prepares Bids at $94K and $82K
Bitcoin (BTC) is showing signs of short-term weakness as bullish catalysts fade and technicals deteriorate. Brent Donnelly, president of Spectra Markets, plans bids at $94,000 and $82,000 to position for potential market volatility.
“BTC is trading like a risky asset, not a store of value,” Donnelly said. “There’s no coherent short-term bullish narrative, though longer-term fundamentals remain supportive.”
Interest in digital asset treasuries (DATs) is waning, and historical patterns following April 2024’s halving suggest the current bull cycle may be peaking. A double-top formation near $111,982 now acts as resistance; a breakdown could deepen declines, while a clean breakout would ease bearish pressure.
Friday’s U.S. nonfarm payrolls report may be a key catalyst, prompting some traders to hedge with CME put options.
