Overview
- Bitcoin fell to roughly $86,800 during U.S. morning trade, extending a weekend slide as major tokens and crypto stocks also declined.
- Coinglass data showed about $200 million in leveraged long positions liquidated in roughly an hour, with broader long unwinds persisting.
- Market focus turned to macro drivers, with expectations for a Bank of Japan rate hike and cautious Federal Reserve signals weighing on risk appetite into a packed data week.
- Analysts report derivatives activity is pressuring spot prices, with covered-call selling by large holders prompting market-maker hedging that restrains rallies.
- On-chain and liquidity gauges signal stress, including STH SOPR below 1 and a red Inter-Exchange Flow Pulse, while traders watch $86k–$88k support and a potential $80k retest even as Strategy bought nearly $1 billion in BTC last week.