CryptoQuant: the derivatives market is putting significant pressure on the BTC price, but the spot is holding for now. The index from #CryptoQuant called the Bitcoin Derivatives Market Pressure Index has dropped to 30.5 - this is the lowest in 30 days, while #BTC is still around $88,000. To put it simply - selling pressure is increasing, but the price is not collapsing, which means that for now, sales are being "absorbed". Without leading to a crash.

Currently, the key support level, according to #CryptoQuant's assessment, is $86,400. Near this zone, judging by the price behavior, a certain large buyer (one or several large entities) is absorbing the flow of sellers. Then one of two scenarios:

- IF 86 400$ holds and the pressure from derivatives starts to decrease - the market gets fuel for a sharp rebound/short squeeze (because sellers have already "fired their bullets", and ultimately could not lower the price).

- IF 86 400$ breaks - this will be a signal that the strength of the large buyer was insufficient, and then support turns into resistance, and the downward movement accelerates due to liquidation inertia. A new bloody cascade.