$BTC - Market Update (10/3)Bitcoin / TetherUS PERPETUAL CONTRACTBINANCE:BTCUSDT.PTealstreetBTC strongly rejected from 87.2k and dropped to 83.8k. The move looks spot-led, with spot selling coming in heavier than perp selling. Long liquidations then added more pressure, with $24.9M liquidated on Binance, $7.6M on Bybit and $4.1M on OKX. During the 8am–3pm ET window, spot selling was 11.55% stronger than perps, while perp selling was 3.40% lower relative to spot. Open Interest also dropped as BTC sold off. Binance OI fell from $8.63B at 9am ET to $8.03B at 2pm ET. Positioning beforehand was mixed, with Binance at 46.5% long and Bybit at 52.2% long, so it wasn't simply a heavily crowded-long setup. On the current book, notable sell walls are around 84.8k–85.3k: Binance perp: 84.8k $19M, 85.3k $16.1M Binance spot: 87k $4.5M, 87.37k $3.1M Below, notable bids are: 83k: $13M 82k: $13.8M Main read: spot-led rejection from 87.2k to 83.8k, amplified by long liquidations. 84.8k–85.3k is the immediate overhead supply, while 83k–82k is the notable bid zone. I do think we’ll test 84.8k–85.6k here, any rejection from this zone could send us back toward the current levels.