$BTC Bitcoin’s price has dropped by 2.14% over the past twenty-four hours, continuing its sharp decline of 12.4% over the past seven days, as liquidations, derivatives pressures, and ongoing U.S. selling significantly impacted market sentiment. The pace of the move accelerated after the cryptocurrency briefly reached $83,000, leading to long liquidations worth $1.78 billion and pushing the options market into a state of panic and hedging. Compounding this was the expiration of options, with contracts worth $4.2 billion trading, forcing traders to liquidate their positions in a volatile market. Meanwhile, U.S. demand remained weak, with the Coinbase Premium indicator staying negative for 21 consecutive days - the longest streak for it in this cycle - indicating ongoing selling pressure from ETF-driven flows.
With emotions lingering in severe fear and rising open interest, the setup leaves #Bitcoin vulnerable to another forced sell-off if the price drops towards the $80,000 area. The Relative Strength Index (RSI) levels indicate that the market is in an oversold condition, but recovery depends on Bitcoin's ability to reclaim and hold the $85,000 level to avoid further declines. The key level now is the 100-week moving average at around $80.6k, and holding it will stabilize momentum, while any breakdown threatens to open the way towards the 200-week moving average near the $74,000 area.$BTC 
