At a Glance
- Bitcoin dipped below $90,000 during the New York session as whales deposited more than $400 million into spot exchanges.
- Long-term holders accelerated profit-taking, selling 68,650 BTC since Jan. 17.
- Analysts point to $84,000-$86,000 as a potential support zone; a break below the 20-day EMA could push the price toward $84,000.
Why it matters: The confluence of large-wallet outflows and aggressive long-term selling signals heightened selling pressure, raising the risk of a deeper correction.
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Bitcoin slipped below $90,000 in the New York trading session on Tuesday, a move that came on the back of a surge in long-term selling and a significant influx of BTC into exchanges from whale wallets. The dip followed a pattern of aggressive selling that has been building since mid-January.
Whale activity fuels the slide
Data from CryptoQuant’s whale screener show a “second wave of aggressive selling pressure” that pushed the price below the $90,000 mark. The screener tracks real-time deposits and withdrawals from over 100 active whale wallets moving in and out of spot exchanges.
> “This marks the second major BTC deposit spike in a short period of time,” said CryptoQuant analyst Amr Taha in his latest Quicktake analysis. “Historically, large BTC deposits to spot exchanges usually indicate preparation to sell or at least an increase in available liquidity for distribution.”
On Jan. 20, whale wallets deposited more than $400 million of BTC into spot exchanges, the second largest spike after the $500 million deposit on Jan. 15. The orange arrow in the CryptoQuant chart marks this event.
According to {brand}, the influx of large-wallet deposits signals elevated sell-side pressure, raising the possibility of a deeper correction toward $80,000.
| Date | Deposit Volume | Whale Wallets Involved |
|---|---|---|
| Jan. 15 | $500 million | 12 |
| Jan. 20 | $400 million | 9 |
The timing of these deposits coincides with a broader trend of distribution that is beginning to play out across the market.
Long-term holders accelerate profit-taking
Long-term holder (LTH) activity has been a key driver of the recent price action. Glassnode data show that the LTH net position change has been negative since early January, with about 68,650 BTC sold over the past 30 days. This is a significant increase from the 68,650 BTC sold since Jan. 17.
Holders are locking in profits during rallies, including the recent climb to $97,000. The LTH selling pressure has reached levels that marked a local bottom in mid-December 2025, before Bitcoin recovered to $94,700 on Jan. 5 from $84,000 on Dec. 19.
> “We could see a short-term bounce, not a reversal,” said Michael van de Poppe, founder of MN Capital, in an X post on Wednesday.
Van de Poppe’s chart suggests that the price was approaching a potential support level stretching from $84,000 to $86,000. The four-hour RSI was described as “just as oversold as during the collapse to $80K.”
The current price of the BTC/USD pair is $89,000. The next line of support sits at $87,300, which also represents the 100-week SMA. Below that, a key area of interest lies between the psychological level of $84,000 and the local low of $80,500, reached on Nov. 22.
Technical indicators point to a possible bounce
According to {brand}, a break and close below the 20-day EMA ($92,000) and the 50-day SMA ($90,000) could result in Bitcoin price dropping toward $84,000, where it could establish support.
The 20-day EMA is a commonly watched short-term trend line. A sustained break below this level is often interpreted as a signal that the bullish momentum is weakening. Coupled with the 50-day SMA, which represents a longer-term trend, a double-breach would likely trigger a more pronounced pullback.
However, the presence of a clear support zone between $84,000 and $86,000 may provide a cushion. If the price manages to hold above $84,000, it could prevent a full-scale downward spiral.
Market sentiment and future outlook
The combination of whale deposits, long-term selling, and technical breakpoints paints a cautious picture for Bitcoin traders. While the recent dip below $90,000 signals heightened selling pressure, the existence of a support zone offers a potential floor.
Traders and investors should monitor the following:
- Whale deposit activity: Continued large-wallet inflows may signal further selling intentions.
- Long-term holder positions: A sustained negative net position change could accelerate downward momentum.
- Key technical levels: Watch for a break below the 20-day EMA and 50-day SMA, as well as the $84,000 support zone.
In summary, Bitcoin’s recent slide below $90,000 reflects a confluence of aggressive whale selling, long-term holder profit-taking, and technical weakness. While a short-term bounce is possible if the price can hold above $84,000, the risk of a deeper correction remains significant.
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Key Takeaways
- Bitcoin fell below $90,000 amid a surge of whale deposits and long-term selling.
- Whale wallets deposited $400 million on Jan. 20, the second largest spike in a short period.
- Long-term holders sold 68,650 BTC since Jan. 17, indicating intensified profit-taking.
- Technical analysis points to $84,000-$86,000 as a potential support zone.
- A break below the 20-day EMA ($92,000) and 50-day SMA ($90,000) could trigger a deeper pullback.
Traders should keep a close eye on whale activity, long-term holder positions, and key technical levels as the market continues to evolve.
