Key Highlights:

• Bitcoin has fallen below the $100,000 threshold, with a potential to revisit its yearly low of $93,500 due to diminishing momentum.
• The Coinbase Premium, an indicator of U.S. Bitcoin demand, has reached its lowest point in seven months, suggesting extensive selling pressure from local investors.
• While long-term holders are realizing profits, short-term participants are seizing opportunities to acquire Bitcoin.

Bitcoin’s recent difficulties continued into Friday’s trading, with prices re-dipping below $100,000. It may revert to a previous low of $98,200, established on June 23. The Coinbase Premium Index has fallen to its lowest since April 11, indicating a discount on Coinbase, which often reflects aggressive selling by U.S.-based investors.

Daan Trades’ Insights: “The market rarely bottoms locally without first seeing such a discount.”

This situation hints at a potential price recovery if buying pressure prevails. Recent data shows that short-term holders are increasing their net positions despite market downturns, while long-term holders show a trend toward profit-taking, indicating mixed market behavior.

From a technical analysis viewpoint, Bitcoin lacks bullish retracement signs. The rising price lately has mostly been due to short covering rather than authentic buy interest. However, unless Bitcoin stabilizes above $104,000, further retreat towards $95,000 and possibly the yearly opening near $93,500 could occur next week.