Bitcoin Defies Gravity at $94K as Traders Hold Breath for US-China Deal Details

BTC plays chicken with six figures while Wall Street scrambles for correlation plays—because nothing says ’hedge’ like betting on geopolitical theater.

Market holds pattern: sideways action with leveraged longs sweating bullets. Meanwhile, traditional finance pundits still can’t decide if crypto’s a currency, commodity, or collective delusion.

BTC range bound?

Further compounding BTC’s relative stagnation is that its encountering significant resistance as it tests key technical and on-chain levels, according to a recent report by Glassnode.

Bitcoin is struggling to break through the $93,000–$95,000 range, an area aligned with both the short-term holder cost basis and the 111-day moving average, marking a crucial battleground for market momentum, the report argues.

"These levels represent a critical inflection point that must be upheld. Failure to stabilize above these levels would push the price back into the consolidation range, and return many investors to a state of meaningful unrealized loss," the report reads.

However, above $100,000, there is less sell-side pressure due to a smaller volume of coins in that range. If bitcoin can overcome the resistance around $95,000-$98,000 it could enter a relatively clear path toward new price discovery and possibly a new all-time high, the report added.