$BTC stalled near $98K and the reaction was telling. Price got there, but spot didn’t really follow through. Coinbase premium cooled off and spot volume stayed light while derivatives did most of the work.
That imbalance usually shows up near exhaustion zones. When leverage is pushing and real buying isn’t adding, upside gets fragile fast.
Short-term holders leaned into the move and took profits instead of pressing higher. Not fear...just discipline near a level everyone’s watching.
Open interest easing at the same time fits the picture. Traders trimmed exposure once $98K held.
Until spot demand re-asserts itself, that area looks more like resistance than continuation.
