🟡Following a sharp drop toward the $85,000 zone, Bitcoin is showing initial signs of stabilization, even as this unfolds amid significant capitulation among short-term holders. A surge in demand for put options and a notable increase in bearish skew reflect a sharp repricing of risk — a pattern often seen in the final stages of market downturns and the formation of local bottoms.
🟡Record realized losses and aggressive deleveraging have created conditions for long-term investors to step back into the market. If the current lows hold, BTC may attempt to retest resistance levels at $86,822 and $89,800, helping to restore confidence and reduce overall market stress.