Bitcoin Tests $90,000: Long-Term Investors Intensify Selling Pressure

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Bitcoin Tests $90,000: Long-Term Investors Intensify Selling Pressure

Following its historic peak of $99,000 reached on November 22, Bitcoin has experienced a decline of 5.6%, falling to $90,790 as of yesterday. Analysts attribute this correction primarily to sales by long-term investors, while spot exchange-traded funds (ETFs) and institutional demand had comparatively less impact on the drop. Blockchain data revealed that long-term investors sold a total of 128,000 BTC recently, with U.S. spot ETFs absorbing 90% of these sales. Despite the recent downward trend, Bitcoin started the day with buying interest and moved towards $93,500 in the morning.

Bloomberg ETF analyst Eric Balchunas commented, “Despite large inflows, the price of Bitcoin is not rising because long-term investors are selling,” while well-known trader Kyle du Plessis noted that institutional demand continues to push Bitcoin closer to $100,000.

Altcoin markets also faced significant corrections. Donald Trump's new tariff plans targeting Canada, Mexico, and China have strengthened the U.S. dollar, creating selling pressure in the crypto and stock markets. Alongside Bitcoin, altcoins such as Ethereum, Solana, XRP, and Dogecoin have seen declines ranging from 5% to 10% in the past 24 hours.

According to CryptoQuant, the Market Value to Realized Value (MVRV) ratio and Puell Multiple data indicate that despite the drop, the long-term upward trend remains intact. Some analysts believe this correction is a result of overly leveraged positions and should be viewed as a natural market movement.

Accumulation by large investors continues. Blockchain data shows that wallets holding at least 10 BTC accumulated an additional 63,922 BTC in November, bringing the total value of this accumulation to $6.06 billion. The retention of positions by large investors raises expectations that price declines may be temporary. Analyst Ali Martinez indicated that Bitcoin's Relative Strength Index (RSI) is signaling recovery and predicts that the price could reach the $95,000-$96,000 range in the short term.

Secure Digital Markets highlights that Bitcoin has declined to $90,000 before reaching the $100,000 mark. Analysts noted that despite an increase in trading volumes, the price has entered a distinct downward trend in recent days, indicating profit realization in the market.

Standard Chartered maintains its bullish forecast. The bank predicts that Bitcoin's price will reach $125,000 by the end of 2024 and $200,000 by the end of 2025. However, during the current correction phase, the bank expects the price to fall below $88,700, stating that the $85,000-$88,700 range offers a buying opportunity.

Charles Schwab announced plans to offer spot crypto trading to individual investors if the regulatory environment changes. The company's CEO, Rick Wurster, stated, "We will enter this space when regulations change, and we are preparing for that possibility."