Bitcoin at Key Inflection Point as Trader Eyes $94K and $82K Bids
Bitcoin (BTC) faces short-term pressure as technical indicators weaken and bullish drivers fade. Brent Donnelly, president of Spectra Markets, plans to place bids at $94,000 and $82,000, positioning for potential market turbulence.
“BTC is trading like a risky asset rather than a store of value,” Donnelly said. “There’s no coherent short-term bullish narrative, though fundamentals may support the asset over time.”
Investor enthusiasm for digital asset treasuries (DATs) is waning, and historical patterns tied to April 2024’s halving suggest the current bull run may be peaking. Halving cycles typically see a market top 16–18 months after the event, followed by a year-long correction, though ETF-driven institutional flows may lessen this effect.
Technically, BTC formed a double-top pattern, with $111,982 now acting as resistance. A move below this level could deepen declines, while a break above might weaken bearish momentum. Friday’s U.S. nonfarm payrolls report could further influence market direction, prompting some traders to hedge with put options on the CME.
