Analyst Warns Bitcoin's $82,000 Level Critical as Market Maker Hedging Could Accelerate Decline

Bitcoin's $82,000 price level represents a critical threshold for bulls, on-chain analyst Murphy said on Nov. 21. Data from Bitcoin's Unrealized Profit and Loss Distribution show 64,334 BTC were sold in the $88,000-$89,000 cost basis range over the past three days, with recent high-price buyers driving current selling pressure rather than long-term holders. Options net premium heatmaps indicate substantial put-selling activity between $82,000 and $87,000, where market makers must buy BTC as hedging protocol, forming a support structure. Should Bitcoin fall significantly below $82,000, market makers would face expanded risk exposure requiring rapid spot sales for hedging purposes, potentially triggering accelerated downward movement.