SKN | Can Bitcoin Regain $90K? Bulls Face Pressure as Long-Term Holders Accelerate Selling

Key Points

• Bitcoin slipped below $90,000 as whale exchange deposits topped $400 million in a single day.
• Long-term holders have been selling aggressively, averaging nearly 69,000 BTC per day since mid-January.
• Analysts are watching the $84,000–$86,000 zone as a potential area for stabilization or a short-term bounce.

Bitcoin’s struggle to hold above the psychologically important $90,000 level intensified on Tuesday, as renewed selling from both whales and long-term holders weighed on market sentiment during the New York trading session.

The world’s largest cryptocurrency fell to around $89,000, extending a pullback that began after its recent push toward $97,000. On-chain data suggests the move lower was not driven by panic selling from short-term traders, but by deliberate distribution from large and long-held positions.

Whales return to exchanges

Data from CryptoQuant shows a fresh wave of Bitcoin flowing onto spot exchanges. According to the firm’s whale screener, large wallets deposited more than $400 million worth of BTC into exchanges on Jan. 20, marking the second major spike in just days. A similar surge of roughly $500 million was recorded on Jan. 15.

Such transfers are closely watched by traders because they often precede selling activity. When whales move coins from cold storage to exchanges, it typically signals intent to liquidate or hedge exposure, increasing short-term sell-side pressure.

CryptoQuant analyst Amr Taha described the latest activity as a “second wave of aggressive selling pressure,” reinforcing concerns that Bitcoin’s recent rally may have been more about distribution than accumulation.

Long-term holders lock in profits

Beyond whale behavior, long-term holders are also contributing to the downside. On-chain metrics tracking coins held for extended periods show consistent net selling since early January.

Over the past 30 days, long-term holders have sold approximately 68,650 BTC, indicating that investors who accumulated earlier in the cycle are taking advantage of higher price levels to realize profits. This pattern became particularly visible during Bitcoin’s advance toward $97,000, where rallies were repeatedly met with selling.

Historically, sustained long-term holder distribution often caps upside momentum, especially after sharp advances. However, it can also signal that the market is moving toward a phase where weaker hands are cleared out, setting the stage for eventual stabilization.

Where support may emerge

From a technical perspective, the loss of $90,000 is significant. Analysts had flagged the level as critical for maintaining bullish structure, and its failure opens the door to deeper retracements.

The next immediate support sits near $87,300, which aligns with the 100-week simple moving average. Below that, attention shifts to a broader support zone between $84,000 and $86,000, an area that previously attracted buyers during the December pullback.

Market commentators note that long-term holder selling is approaching levels seen near the mid-December local bottom, when Bitcoin rebounded sharply from around $84,000 to above $94,000 in early January. That historical parallel offers a potential silver lining for bulls.

Crypto analyst Michaël van de Poppe suggested that the market may be nearing an oversold condition, pointing to momentum indicators that resemble those seen during the earlier drop toward $80,000. His analysis places the $84,000–$86,000 range as a zone where price could stabilize if broader conditions do not deteriorate further.

A fragile moment for bulls

For now, Bitcoin remains vulnerable. Continued geopolitical uncertainty and persistent profit-taking mean that any attempt to reclaim $90,000 may face heavy resistance. A decisive hold above that level would be needed to restore confidence and reopen the path toward six-figure prices.

Until then, the balance of risk favors caution. Whether the current sell-off evolves into a deeper correction or resolves into another higher low will likely depend on how price behaves if it revisits the mid-$80,000s in the days ahead.