Bitcoin faced strong resistance near $100,000, as spot demand waned and sellers entered the market. Short-term holders sold over 40,000 BTC near cost basis. The Coinbase premium index flipped positive but failed to push the price higher. Cumulative volume delta made higher highs, indicating market buying without sustained follow-through. Open interest fell after liquidation, reducing momentum behind the move.

Profit-taking from short-term holders caused a dip as more than 40,000 BTC in profits were realized in a day. The STH discount compressed to -4% from -22%, with prices stalling near $98,300. Capital preservation remains a priority until stronger upside confirmation emerges. This article does not contain investment advice, readers should conduct their own research.

Read more at Cointelegraph: BTC Stalls Near $98K as Spot Trader Demand Fades