According to @52kskew, BTC reached 86K with higher bid depth on both spot and perps compared with the previous low, indicating stronger buy-side support at current levels, source: @52kskew, X, Nov 20, 2025. The latest downswing came from TradFi-related sell flow, which typically deepens Coinbase's discount, source: @52kskew, X, Nov 20, 2025. Shorting has been aggressive into these sell flows as participants chase the trend, source: @52kskew, X, Nov 20, 2025. The market may be close to putting in another local low, contingent on the duration of strong bid depth and the absorption of sellers and shorts, as well as risk interest, source: @52kskew, X, Nov 20, 2025. For trading, the author’s criteria imply watching the persistence of bid depth, the absorption of short supply, and the Coinbase discount as confirmation signals, source: @52kskew, X, Nov 20, 2025.

According to @52kskew, heavy TradFi-linked selling since CME BTC futures opened Sunday has flipped $105K from a prior bid zone into sell-side resistance with asks capping price, indicating institutions turned net sellers, source: @52kskew. Perpetual swaps show increasingly net short positioning and persistent negative delta while spot-driven selling hammers price; the Coinbase discount has deepened, reinforcing U.S. spot-led pressure, source: @52kskew. The market is hedged for further downside, but $100K is a key level; failure by sellers to push below could trigger a large short-covering rally, source: @52kskew.