Holding $85k is a key level Bitcoin sits at $85k, there is now a massive $1.3B OI, $85k put wall. Dealers who sold $85k puts, hedge by selling spot or futures as price falls toward the strike, which has amplified downside moves as we have seen. A break below flips gamma negative, accelerating downside. If price stays above $85k, those hedges unwind as deltas decay, reducing sell pressure and stabilising price, then bitcoin runs. EOY expiry is now $23B, in comparison EOY 2024 there was just $14B.(James Van Straten)