Analysis: Watch out for the $82,000 Long Line of Defense. If breached, market makers will sell spot to hedge, leading to accelerated downside pressure.

By: theblockbeats.news|2025/11/22 00:15:57
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BlockBeats News, November 21st, On-chain data analyst Murphy issued a warning. According to Bitcoin's Unrealized Price Distribution (URPD), the truly largest sell-off range in the past three days was in the price range of $88,000 - $89,000, with a total of 64,334 BTC sold. The range with the most stacked chips did not see a significant amount of selling. The current market downturn is mostly attributed to profit-taking from chips bought at recent highs, rather than from chips bought at higher prices or held at a loss. The analyst believes that some of the selling pressure is due to short-term / high-frequency funds being forced to stop out, with a larger reason being the trading mechanism of derivatives market makers amplifying short-term volatility.

The Option Net Premium Heatmap shows that there is a significant amount of Put selling in the current $82,000 to $87,000 range. When BTC approaches $82,000, market makers are forced to buy BTC due to the trading mechanism, establishing a "bottom-feeding structure" here. However, if BTC significantly drops below $82,000, market makers' "risk exposure" will become significant, requiring a quick BTC sell-off for hedging. The analyst views $82,000 as the current long positions' lifeline. If $82,000 is breached, market makers will further sell spot to hedge, triggering a waterfall-like accelerated decline.

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