Bitcoin (BTC) slipped below $90,000 during the New York trading session on Tuesday alongside an increase in long-term selling. Large holders also exited their positions, keeping the downside pressure firmly in place.
Key takeaways:
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Bitcoin dips below $90,000 as whales deposit over $400 million to exchanges.
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Long-term holders accelerate profit-taking, selling 68,650 BTC/day since Jan. 17.Â
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Bitcoin analysts view $84,000–$86,000 as a potential support zone for a bounce.
Whales dump BTC as long-term selling intensifies
Data from CryptoQuant’s whale screener highlighted a “second wave of aggressive selling pressure” that pushed Bitcoin price below the $90,000 mark.
The whale screener tracks real-time deposits and withdrawals of Bitcoin and other top cryptocurrencies from over 100 active whale wallets, moving in and out of spot exchanges.
Related: Bitcoin trader keeps $100K BTC target as gold price hits record $4,750
The chart below shows that whale wallets deposited more than $400 million of BTC into spot exchanges on Jan. 20, indicated by the orange arrow in the chart below.
“This marks the second major BTC deposit spike in a short period of time,” after the $500 million seen 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, increased whale transfer to exchanges signals elevated sell-side pressure for Bitcoin, risking a deeper correction to $80,000.Â
Other data also suggest a distribution phase is underway, as long-term holder (LTH) selling pressure increased.
The LTH net position change has been negative since early January, as about 68,650 BTC has been sold over the past 30 days.
In other words, holders are locking in profits during rallies, including the latest one to $97,000.Â
One silver lining for the bulls is that LTH selling has reached levels that marked a local bottom in mid-December 2025, before the BTC recovered to $94,700 on Jan. 5 from $84,000 on Dec. 19.
Bitcoin price to revisit $84,000 before bounce
Cointelegraph reported that $90,000 was key for the Bitcoin bulls and that losing it would trigger another downward trend.
The BTC/USD pair is trading at $89,000 at the time of writing, with the next line of support sitting at $87,300, which is also the 100-week SMA, or simple moving average.
Below that, a key area of interest sits between the $84,000 psychological level and the local low at $80,500, reached on Nov. 22.
“Bitcoin breaks down into the range and starts to plummet as geopolitics get worse,” MN Capital founder Michael van de Poppe said in an X post on Wednesday.
An accompanying chart suggested that the price was approaching a potential support level stretching from $84,000 to $86,000, and the four-hour RSI was “just as oversold as during the collapse to $80K.”
“We could see a short-term bounce, not a reversal.”
As Cointelegraph reported, 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.
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