Bitcoin fell below $90,000 during Tuesday’s New York trading session as long-term selling picked up. Large holders also moved to exit their positions, maintaining strong downside pressure on the market.
Key takeaways:
- Bitcoin slipped below $90,000 as whales sent more than $400 million worth of BTC to exchanges.
- Long-term holders ramped up profit-taking, selling an average of 68,650 BTC per day since Jan. 17.
- Analysts say the $84,000–$86,000 range could act as a key support zone for a potential rebound.
Whales offload BTC as long-term selling accelerates
Data from CryptoQuant’s whale screener pointed to a “second wave of aggressive selling pressure” that drove Bitcoin’s price below the $90,000 level.
The whale screener monitors real-time deposits and withdrawals of Bitcoin and other major cryptocurrencies from more than 100 active whale wallets interacting with spot exchanges.
According to the data, whale wallets deposited over $400 million worth of BTC into spot exchanges on Jan. 20, marked by the orange arrow on the chart.
“This represents the second major BTC deposit spike in a short timeframe, following the $500 million deposit recorded on Jan. 15,” CryptoQuant analyst Amr Taha said in his latest Quicktake analysis, adding:
“Historically, large BTC deposits to spot exchanges usually indicate preparation to sell or at least an increase in available liquidity for distribution.”
As Cointelegraph reported, rising whale transfers to exchanges point to heightened sell-side pressure on Bitcoin, increasing the risk of a deeper correction toward $80,000.
Additional data also indicate that a distribution phase may be unfolding, with long-term holder (LTH) selling pressure on the rise.
The LTH net position change has remained negative since early January, with roughly 68,650 BTC sold over the past 30 days.
In effect, long-term holders have been taking profits on price rallies, including the most recent move up to $97,000.
One potential positive for bulls is that long-term holder selling has reached levels previously associated with a local bottom in mid-December 2025, before Bitcoin rebounded from $84,000 on Dec. 19 to $94,700 by Jan. 5.
Bitcoin price may revisit $84,000 before a bounce
Cointelegraph has reported that $90,000 was a critical level for Bitcoin bulls, with a loss of that support likely to spark a renewed downtrend.
At the time of writing, BTC/USD is trading near $89,000, with the next support level around $87,300 — aligned with the 100-week simple moving average (SMA).
Below that, a key demand zone lies between the $84,000 psychological level and the local low of $80,500, last seen on Nov. 22.
“Bitcoin is breaking down into the range and starting to slide sharply as geopolitical conditions worsen,” MN Capital founder Michael van de Poppe said in a Wednesday post on X.
An accompanying chart indicated that price was nearing a potential support zone between $84,000 and $86,000, while the four-hour RSI was “just as oversold as during the drop to $80K.”
“We could see a short-term bounce, not a reversal.”
As previously reported, a break and close below the 20-day EMA at $92,000 and the 50-day SMA at $90,000 could send Bitcoin’s price toward $84,000, where support may form.
