$BTC Bitcoin’s bullish momentum may face a pause, as upcoming announcements are likely to offer only the groundwork for future trade deals—potentially delaying any concrete developments for weeks or even months. This could lead to a cool-off in optimism, impacting BTC’s recent rally.

Key Resistance Level: $99,900

The $BTC 99.9K price mark remains a significant resistance point. Many investors who bought at these levels earlier in the year might look to exit for profits, especially long-term holders, increasing selling pressure near this zone.

Coinbase Premium Weakness

The Coinbase premium—tracking the price difference of BTC between Coinbase (USD) and Binance (USDT)—is a useful proxy for U.S. investor demand. Historically, strong bull trends have been accompanied by a rising premium. However, since late April, the seven-day average of this premium has shown a bearish divergence from price action, hinting at cooling demand.

Momentum Warning: Bearish RSI Divergence

Despite BTC hitting new multi-week highs during the Asian session, the 14-hour Relative Strength Index (RSI) did not follow suit. This bearish divergence in momentum indicators suggests that upward strength could be fading, and a short-term pullback may be on the horizon.

Stay tuned and manage risk wisely as BTC tests key levels.