Bitcoin Slides Below Key Levels as Short-Term Holders Face Deep Losses

• The Trap: Bitcoin trades at $86k, far below the $113k cost basis of recent buyers.
• The Flush: A $20B drop in Open Interest signals a massive leverage reset.
• The Risk: Heavy overhead supply caps rallies until BTC reclaims $89k.

Bitcoin (BTC) has entered a critical phase of structural repair, stabilizing near $86,470 after a sharp rejection from the $92,000 resistance band. While the asset has paused its descent, on-chain data reveals a severe “cost basis trap” that could cap upside momentum for weeks.

The pullback erased earlier gains and pushed Bitcoin back toward levels that traders view as key for market direction heading into December.

Market charts indicate that Bitcoin’s decline accelerated after a rejection at the $92,000 level, a point where sellers have repeatedly stepped in throughout the quarter. The retreat pushed the asset toward the $81,000 to $84…

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