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low spot buying demand suggests the upside could be limited.
High retail FOMO and a near-overbought RSI signal a potential BTC price correction.
Bitcoin
$108,091
price has formed a series of lower highs and lower lows in the 1-hour time frame since reaching a three-week high of $110,300 on Wednesday.
As the end of the week approaches, BTC price has failed to break above the all-time high at $112,000.
BTC/USD hourly chart. Source: Cointelegraph/TradingView
What’s keeping Bitcoin price below $112,000?
Bitcoin’s price has rallied 5% over the last 48 hours, reaching an intraday high of $110,392 on Thursday, per data from Cointelegraph Markets Pro and TradingView.
Despite this performance, the ability to push above the all-time highs at $112,000 is currently limited due to the absence of buyers.
Bitcoin’s spot volume delta metric, an indicator that measures the net difference between buying and selling trade volumes, reveals that net spot buying on exchanges remains negative even as BTC price attempts to break out
