Bitcoin Plunges as Long-Term Holders Unload 815K BTC
1.9 Markets Bitcoin faces strong bearish momentum as long-term holders sell 815,000 BTC, pushing prices down. Weak demand, failed resistance at $106,000, and low RSI signal further downside risk toward $94,250 or $90,000.
Bitcoin is experiencing a pronounced bearish phase as long-term holders have sold approximately 815,000 BTC in the past month, the highest level since January 2024. This wave of selling has intensified downward pressure on the price, with Bitcoin hovering around $102,600 after a volatile start to November. Key support levels are being tested, and the asset remains below both the 100-day and 200-day moving averages, signaling a broader downtrend. The Relative Strength Index sits at a low 41, indicating weak buying momentum, while the failure to reclaim resistance at $106,000 further underscores bearish sentiment. Spot demand has contracted, and ETF outflows confirm declining interest, creating a fragile environment. Despite strong profit-taking, realized losses remain low, suggesting holders have not capitulated. If Bitcoin continues to close below its 365-day moving average near $102,000, the risk of a deeper correction increases, with potential declines toward $94,250 or even $90,000. The market remains cautious, with sellers dominating and buyers hesitant amid ongoing macroeconomic uncertainties.
