Bitcoin has not been able to break above $80K for several days now. I looked at the derivatives charts — it’s clearly visible that major players are starting to hedge. Positions for a decline are growing, which is usually a signal that at least some institutional investors see serious resistance here.

Currently, the price is around $81K, but that doesn’t mean the resistance has been broken. It’s often the case that the price touches the level and then pulls back. Interestingly, the volumes on the rebounds are not very impressive — this hints at market caution.

If the resistance holds and a pullback occurs, the next support level will be somewhere lower. But if it suddenly breaks higher — then it’s a different scenario. For now, the market is clearly not ready for aggressive growth; all these signs in the derivatives confirm that.