Bitcoin is back under pressure after failing to break above the $98,000 resistance level, a move that would have signaled strong continuation toward six figures. Instead, BTC is now testing critical demand around the $92K–$94K zone in an attempt to form a higher low and maintain its bullish structure. Holding this area is essential if bulls want to push toward a breakout above the $100K psychological barrier.
However, external factors are adding to the uncertainty. Ongoing trade tensions between the United States and China continue to disrupt global markets, raising volatility across risk assets, including cryptocurrencies. Investors are growing cautious as macroeconomic headwinds threaten momentum.
Adding to the bearish pressure is new data from CryptoQuant, which shows that the Coinbase Premium Gap has fallen to -5.07. This metric compares BTC prices on Coinbase versus other global exchanges. A negative premium signals that U.S.-based traders are selling more aggressively than their international counterparts, contributing to short-term selling pressure.
If Bitcoin can hold this demand zone and shake off the current wave of US-led selling, the broader uptrend could remain intact. But if support breaks, BTC risks deeper downside before any sustainable move higher can take place.
Bitcoin Faces Crucial Support Zone Amid Renewed Selling Pressure
Bitcoin is once again approaching critical support levels as selling pressure intensifies and volatility rattles investor confidence. Following a failed breakout above $98,000, BTC is now testing key demand between $92,000 and $94,000—a zone that must hold to preserve the current bullish market structure. A drop below $90,000 would mark a significant technical breakdown and potentially trigger a broader correction, while a decisive move above $100,000 could ignite a powerful uptrend across the crypto market.
After months of aggressive selling from its all-time highs, Bitcoin showed signs of recovery in April, breaking back above long-term moving averages and gaining momentum. The current price action represents a pivotal test of that progress. Bulls must form a higher low and push toward $100K to confirm the bullish trend reversal.
However, on-chain data from CryptoQuant reveals a troubling shift. The Coinbase Premium Gap—a metric that compares Bitcoin prices on US-based Coinbase to other global exchanges—has dropped to -5.07. This indicates that BTC is trading lower on Coinbase, reflecting bearish sentiment and increased selling from U.S. investors. While the premium had recovered in recent weeks, the renewed drop aligns closely with Bitcoin’s latest correction.
Historically, a negative premium suggests that institutional and high-net-worth traders in the U.S. are offloading positions. If this trend persists, it could continue to suppress short-term price action and signal further downside risk. For now, Bitcoin remains in a decisive range: holding above $90K keeps the bullish case alive, but any breakdown could shift momentum back to the bears. The coming days will be key as BTC fights to maintain structure and overcome regional selling pressure in a fragile global market environment.
Bitcoin Price Analysis
Bitcoin is currently trading at $94,030 on the 4-hour chart after a short-term rejection near the $97,900 resistance level. Despite the minor pullback, BTC remains well above both the 200-period simple moving average (SMA) at $87,987 and the 200-period exponential moving average (EMA) at $90,390, highlighting strong underlying bullish momentum.
After a steep breakout in late April, BTC has entered a consolidation phase, forming a potential higher low structure just above $93,000. This level now acts as immediate support and must hold if bulls are to maintain the current trend and build toward a breakout above $100,000. Volume has declined slightly during this consolidation, typical of a cooling period before the next major move.
The structure remains constructive, with higher highs and higher lows forming since mid-April. A confirmed push above $98,000 would likely open the door to retest the psychological $100K resistance and possibly extend toward the $103,600 local top. However, if BTC loses the $92,000–$93,000 region, short-term sentiment could turn bearish and trigger a retest of the 200 EMA.
Featured image from Dall-E, chart from TradingView
