Crypto: Can Bitcoin Regain $90k? Bulls At Risk As Long-term Holders Ramp Up...

Bitcoin risks a further decline to $84,000, following increasing whale exchange deposits and accelerated long-term holder selling.

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.

Bitcoin dips below $90,000 as whales deposit over $400 million to exchanges.

Long-term holders accelerate profit-taking, with 68,650 BTC sold over the past 30 days.

Bitcoin analysts view $84,000–$86,000 as a potential support zone for a bounce.

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 Tuesday, 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:

Source: CoinTelegraph