Bitcoin dropped below $100,000 and may retest $93,500 as momentum weakens. Coinbase Premium at seven-month low, indicating strong US selling pressure. Short-term holders accumulating BTC, while long-term holders continue profit-taking. Possible rebound if market absorbs selling pressure and establishes bottom range near yearly open of $93,500.

Bitcoin’s recent weakness sees it slip below $100,000, potentially retesting $98,200 low. Coinbase Premium Index hits seven-month low, indicating stronger US selling pressure. Discount on Coinbase suggests concentrated spot selling, typical during broader downtrends. Short-term holder net position change at yearly high, while long-term holder net position change approaches yearly low. Mixed setup indicates potential rebound if market absorbs selling pressure effectively.

Read more at Cointelegraph: Bitcoin Coinbase Premium Hits 7-month Low: Is $95K Next?