TL;DR
Whale orders have taken control of the Bitcoin market again and defined a clearly bounded price range. Over the past few days, BTC has remained confined between $86,000 and $90,000, with its floor supported by large-scale buying and an active sell wall above the upper threshold.
Exchange data shows that whales placed consistent orders in the $86,000 to $87,000 zone, which limited further declines after the latest pullback toward $85,000. BTC managed to rebound from that level and stabilized near $88,500, though without sustained upside follow-through. Every recovery attempt above $90,000 ran into strong and immediate selling pressure in the spot market.
Whale activity increased moderately compared with previous weeks. The exchange whale ratio edged higher, reflecting more deposits and withdrawals from large holders. The observed orders remain smaller than those seen during past rallies and focus on defending key levels rather than aggressive buying. Mid-sized wallets continue to accumulate, while large investors maintain a more restrained profile.
Overall sentiment remains negative. The crypto fear and greed index fell to 29 points, alongside declining trading volumes. Part of the capital shifted toward traditional markets, particularly precious metals and equities, which drew greater attention in recent weeks.
BTC open interest remains near $27B, without signs of a sustained recovery. After months of recurring liquidations and range-bound trading, the futures market lost depth. Every rebound above $90,000 triggered a new wave of long liquidations.
The liquidation heatmap shows a concentration of leveraged long positions around $86,000. Liquidity available at higher levels is limited and extends only up to $92,000, which restricts the potential for sharp upside moves. The structure observed in derivatives aligns with the behavior seen in the spot market
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