Bitcoin Eyes Critical Levels as Trader Plans Bids at $94K and $82K
Bitcoin (BTC) is under short-term pressure, with fading bullish drivers and weakening technicals prompting traders to prepare for potential downside. Brent Donnelly, president of Spectra Markets, said he will place bids at $94,000 and $82,000 in anticipation of a market sell-off.
“Right now, BTC is trading like a risky asset, not a store of value,” Donnelly noted. “There’s no clear short-term bullish story, though longer-term fundamentals remain supportive.”
Interest in digital asset treasuries (DATs) is fading, and seasonal patterns following the April 2024 halving suggest the current bull cycle may be nearing its peak. Historically, BTC peaks 16–18 months post-halving, followed by roughly a year-long correction, although ETF-driven flows may reduce this effect.
Technically, BTC has formed a double-top pattern, with $111,982 now acting as resistance. A breakdown below this level could lead to further declines, while a clean breakout would weaken the bearish case. Upcoming U.S. nonfarm payrolls data could also influence short-term price action, prompting hedging with CME put options.
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