Bitcoin's failures at $65,000 suggests lack of conviction: Wintermute
Bitcoin's recent rally may be losing momentum as traders hesitate near a key resistance level, according to crypto market maker Wintermute.
The firm said bitcoin has failed twice this week to break above $65,000, with profit-taking and weak spot trading volumes suggesting the move lacks conviction.
On-chain data from Glassnode has yet to signal a trend reversal, while the Crypto Fear & Greed Index remains in "Extreme Fear" territory. Wintermute said traders are now watching several potential catalysts, including Friday's Clarity Act hearing, the second-quarter options expiry and ongoing geopolitical tensions following a fifth day of strikes involving Iran.
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