$BTC

Bitcoin trades near $85,000 in a tight range while multiple indicators point to rising distribution pressure beneath the surface.

On-chain data shows long-term holders increasing sales, a pattern often observed near cyclical highs.

Derivatives markets reflect a sharp drop in open interest, signaling active de-risking rather than aggressive bearish positioning across major exchanges.

Bitcoin remains stable on the surface, yet several internal signals suggest mounting pressure beneath the calm. While spot prices hold firm, shifts in on-chain behavior and derivatives positioning indicate a more cautious market stance.