🔍 Bitcoin's journey to break the $100,000 mark hit a snag, retreating to $94,500. Key indicators suggest potential dips below $90,000.

- The 25-delta risk reversal shows a negative bias, with traders favoring protective puts over calls on Deribit.

- Sophisticated traders are hedging against further declines, selling call spreads and buying puts on Paradigm.

- The Coinbase premium has vanished, hinting at weakened U.S. demand and potential vulnerability to negative news.

- Bearish RSI divergence signals waning bullish momentum, with support expected between $87,000 and $88,000.

What are your thoughts on BTC's next move? Share in the comments! 📈