Overview
- Bitcoin fell to roughly $85,130, down about 30% from October’s record, after sliding below key $86,000–$88,000 support during U.S. trading hours.
- Macro caution intensified as the Fed’s guidance pointed to slower future cuts and the Bank of Japan was expected to raise rates, while AI‑linked tech weakness weighed on risk appetite.
- On‑chain stress increased with Short‑Term Holder SOPR hovering near 0.99 and the Inter‑Exchange Flow Pulse turning red, signaling loss realization and fragile internal liquidity.
- Analyst Jeff Park said covered‑call selling by long‑time holders is prompting market‑maker hedging that supplies persistent sell pressure and caps spot rallies.
- Derivatives and flow pressures accelerated the move with more than $600 million in crypto liquidations over 24 hours, crypto stocks like Strategy and Coinbase falling 8% and 6%, and technicians watching resistance near $92,000–$94,000.