Bitcoin (BTC) spot markets experienced significant downward pressure throughout the Asian and early European trading sessions, as market participants failed to hold critical support levels above $100,000. Aggressive selling activity accelerated upon testing the psychological $99,000 mark. Bears successfully defended the strong resistance zone around $98,000, forcing a large number of leveraged long positions to liquidate. Data from derivative exchanges shows a sharp uptick in open interest reduction, signaling fear among retail and institutional spot traders alike. The current price action indicates a potential shift in market structure, requiring BTC bulls to swiftly reclaim the $102,000 level to negate the immediate bearish outlook. Failure to hold the $97,500 local low could precipitate a deeper correction toward the $95,000 range.
Source: Bitcoin spot traders lose ground as BTC bears defend $98K
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