Bitcoin $85,000 resistance level threatened... Will a new whale sell-off explode?

Source: DigitalToday Original Title: Bitcoin Threatens $85,000 Resistance… Will a New Whale Sell-Off Explode? Original Link:

Bitcoin(BTC) has failed to recover below $90,000, and short-term selling pressure continues. Market analysts suggest that new whales are driving the price down, and further adjustments toward the $85,000 level are possible.

According to reports from blockchain media, new Bitcoin whales with holding periods of less than 155 days hold more realized capital than long-term holders. Analysis indicates their average purchase price is around $98,000. However, as the current Bitcoin price falls below their purchase price, they are experiencing unrealized losses of approximately $6 billion. This anxiety among new whales is believed to lead to short-term selling pressure, further pushing the price down.

Exchange data also indicates the possibility of further decline. The whale ratio on exchanges has risen to between 0.52 and 0.55, suggesting that large capital inflows could lead to increased selling. Market forecasts suggest that if Bitcoin cannot recover the $95,000–$98,000 range, it could drop to the $80,000–$85,000 zone.

Notable traders point out that Bitcoin is trading below the 21-day and 12-week exponential moving averages (EMA), and the chart shows a clear downward trend with lower lows.

From a supply and demand perspective, over $300 million in sell pressure has been confirmed below $91,000, indicating a strong short position. If Bitcoin recovers above $91,000, a short squeeze could trigger a rebound, but currently, the downward pressure is more dominant.

Market analysts have described Bitcoin as exhibiting a ‘failed auction’ pattern. Although Bitcoin temporarily moved outside its main trading range after November 2024 and rose, it has since turned downward again. This is interpreted as a signal of further correction toward the $86,000 level.