Bitcoin slipped below the $90,000 psychological level on Tuesday as onchain data pointed to renewed selling from whales and long-term holders, raising the risk of a deeper pullback toward the $84,000–$86,000 support zone.The move comes as large investors increased exchange deposits and long-term holders accelerated profit-taking following Bitcoin’s recent rally toward $97,000.Bitcoin falls below $90K as selling pressure buildsBitcoin, during the New York trading session, BTC dropped below $90,000, extending losses as broader market sentiment weakened and onchain indicators signaled rising distribution activity.According to CryptoQuant’s Whale Screener, large wallets deposited more than $400 million worth of Bitcoin into spot exchanges on Jan. 20, a level historically associated with preparation to sell or increased market-side liquidity.“This marks the second major BTC deposit spike in a short period,” said CryptoQuant analyst Amr Taha, noting that a similar $500 million whale inflow occurred on Jan. 15.“Large BTC deposits to spot exchanges usually indicate elevated sell-side pressure,” Taha said, adding that such moves often precede short-term price weakness.Long-term holders accelerate profit-takingBeyond whale flows, long-term holder (LTH) behavior is adding to downside pressure.Glassnode data shows the LTH net position change has remained negative since early January, with approximately 68,650 BTC sold over the past 30 days.This indicates that long-term investors — typically considered a stabilizing force — are distributing into price strength, including the recent rally toward $97,000.In practical terms, long-term holders appear to be locking in profits during rebounds rather than accumulating, reinforcing the current corrective structure.Still, analysts note that similar levels of LTH selling were observed in mid-December 2025, shortly before Bitcoin rebounded from $84,000 to $94,700 in early January — offering a potential historical parallel.Key Bitcoin support levels to watchWith BTC now trading near $89,000, analysts are closely monitoring nearby technical zones.$87,300: 100-week simple moving average (SMA)$84,000–$86,000: Major demand and psychological support zone$80,500: November local low and deeper downside targetA sustained break below the 50-day SMA near $90,000 and the 20-day EMA around $92,000 could open the door for a retest of lower support levels. Analysts warn bounce may be temporaryMN Capital founder Michael van de Poppe said Bitcoin is now trading back inside its broader range as geopolitical risks intensify.“Bitcoin breaks down into the range as geopolitics worsen,” van de Poppe wrote on X, noting that momentum indicators are approaching oversold levels.His analysis points to a potential short-term relief bounce between $84,000 and $86,000, but not yet a confirmed trend reversal.“The RSI is just as oversold as during the collapse toward $80,000,” he said. “We could see a bounce — not a reversal.”Can Bitcoin regain $90K?For bulls, reclaiming and holding above $90,000 remains critical to restoring market confidence.Until whale exchange inflows slow and long-term holder selling stabilizes, analysts warn that Bitcoin may remain vulnerable to downside volatility — particularly as macro uncertainty and geopolitical tensions continue to pressure risk assets.For now, the market appears caught between distribution at higher levels and defensive positioning, with traders watching closely whether the $84,000 zone can once again act as a structural floor, according to Cointelegraph.
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