Crypto: Bitcoin Spot Traders Lose Ground As BTC Bears Defend $98k 2026

Bitcoin’s rejection near $98,000 took place as spot traders ran out of energy and short-term investors harvested profits. Will bears defend the resistance level throughout the weekend?

Bitcoin’s (BTC) push toward $100,000 met strong resistance, with spot demand showing signs of exhaustion just as sellers stepped in. After setting a local high near $98,000 on Wednesday, BTC retraced for two straight sessions and slipped below $95,000 by Friday New York session.

Bitcoin’s pullback followed fading spot demand, reflected in a weakening Coinbase premium.

Data suggest rallies were driven by aggressive buyers, but without sustained follow-through.

Short-term holders sold over 40,000 BTC into strength as the price neared its cost basis.

The correction coincided with a rollover in the Coinbase Bitcoin premium index. The metric briefly flipped positive near the highs, a sign of late spot buying, but the price failed to break higher, suggesting limited follow-through from larger buyers.

Bitcoin’s cumulative volume delta (CVD) made higher highs while price formed a higher low. This divergence typically shows aggressive market buying absorbing sell pressure, but without enough strength to push the price higher.

At the same time, the bid–ask ratio stayed negative throughout the rally, meaning sell orders continued to outweigh bids even as the price moved up, a sign that buyers were lifting offers rather than building passive support.

After a sharp, short liquidation, open interest also fell alongside the price. This indicates that leverage was flushed out, and new long positions were not eager to step in, reducing momentum behind the move.

Market analysis firm Material Indicators noted that bears “fought back hard,” with trend signals flipping on the daily chart. The firm warned that losing key trendlines could lead to a deeper support test, though a reclaim above $97,000 would invalidate the latest bearish signals.

Source: CoinTelegraph