BTC Perps are causing this pullback. Futures CVD has continued to move lower while open interest has been building up. This suggests that whenever BTC has pushed into the range highs, perps have stepped in, aggressively increasing the selling pressure. However, none of these rejections were significant enough to push price back below $85k. Instead, price always found support around this level and quickly pushed back up towards the highs. With more shorts continuing to enter the market, they could quickly get squeezed if buyers keep absorbing this selling pressure, potentially fueling another move into the highs or even above them. $85k therefore remains the line in the sand for me. As long as buyers manage to defend this area, a break above $87k becomes increasingly likely.