🔍 Bitcoin's climb to $100,000 is still elusive, with prices dipping to $94,500. Key indicators suggest further declines, possibly below $90,000.

- The 25-delta risk reversal shows a shift towards protective puts, hinting at a bearish sentiment.

- On Deribit, calls are cheaper than puts, marking the first negative risk reversal in a month.

- Traders are hedging with put options, indicating caution.

- The Coinbase premium has vanished, showing weakened U.S. demand.

- RSI divergence suggests bullish momentum may have peaked.

Will BTC bounce back or continue its slide? Share your thoughts in the comments! 📉