#期权市场动态 Analysis of recent Bitcoin price trends shows that the market is exhibiting clear signs of bottoming out. The 25-delta skew in the options market is moving toward the bearish zone, indicating that traders are willing to pay a higher premium for downside risk. Large-scale selling by short-term holders has led to a spike in realized losses, and this capitulation-type selling often signals that a bottom is near. From a technical perspective, an important support level has formed around $85,000. If this level holds, the price may subsequently challenge the resistance at $86,822. However, caution is still advised regarding the risk of further downside due to a deteriorating macro environment. It is recommended to closely monitor on-chain capital flows and the movements of large holders to seize potential rebound opportunities.