CryptoQuant data shows reported spot demand dropped by roughly 170,000 BTC over the 30 days into early October, the same stretch in which Bitcoin rose from around $75,000 to near $86,000. Price going up while the spot bid shrinks points at short covering doing the work rather than new buyers arriving. The implication is specific: a move through $90,000 needs spot demand to return, because the short-covering phase does not have another leg in it once the positions are closed.