Bitcoin Hovers Below $90,000 as $4.4 Billion in Whale Selling Builds Pressure
Bitcoin is consolidating below $90,000 while intense selling pressure from whales, totaling over $4.4 billion, builds ahead of a potential breakout.Summary
Bitcoin's price has spent nearly three weeks attempting to close above the $90,000 mark, suggesting momentum is building despite significant selling pressure from major holders. Mega whales (wallets holding 10,000 to 100,000 BTC) have collectively sold over 50,000 BTC in four days, amounting to more than $4.47 billion, which has pushed their balances to a two-month low.
Despite this selling, Bitcoin's price has risen, indicating that demand from other market segments is absorbing the supply. Analysis of the Cost Basis Distribution Heatmap shows key resistance zones: one between $88,000 and $88,500, and another near $90,500. Bitcoin has already surpassed the lower resistance band.
Currently trading near $89,543, Bitcoin needs to secure support at $90,308 to confirm bullish continuation toward a target of $92,031. However, if whale distribution accelerates, selling pressure could push BTC back toward the $88,210 support level, delaying the move above $90,000.
(Source：BeInCrypto)