Bitcoin's rally to $86,500 runs out of steam as spot buyers step back

• —The move from $84,600 to $86,500 was driven by whale short covering, not new long leverage
• —Perpetual open interest fell as price rose, signaling a healthy move without excess leverage
• —Spot buyers above $86,000 stopped chasing price, letting sell pressure build
• —Key levels: $85,000 as the rally's origin and $85,700 as recent support