Bitcoin (BTC) 
$86,950.13It has lost 36 percent of its value since its historical peak in October, falling to its lowest levels in the last six months. While the $80,000 support stands out as a critical threshold, panic sales by short-term investors may indicate the formation of a local bottom. However, long-term investors’ tendency to sell at record levels brought the market to a fragile balance point.
Is Short-Term Capital Outflow Signaling a Bottom?
Less than 155 days old, according to on-chain data BTC Holding investors have largely withdrawn from the market. Analyst Crypto DanIn his evaluation from the “If the current region is a correction phase, this is the bottom. But if a new bear cycle has begun, the end of the decline is still far away,” he commented.
On the other hand, analyst CryptoOnchainannounced that approximately 63,000 BTC were released from the wallets of long-term investors. This movement resembles a distribution behavior that has often coincided with market tops in past cycles. During the same period, short-term investors tried to partially balance the selling pressure by buying around $ 87,000. However, it is warned that the decline may deepen if the new demand cannot absorb the sales.
Another inside blockchain analyst GugaOnChain On November 23, the Binary Coin Days Destroyed (CDD) indicator exceeded the 25 million unit threshold and gave a sell signal. shared. He reminded that the metric repeats four times in the same cycle, each time resulting in a price correction.
Weakening in Demand and Fragile Balance in the Market
The selling pressure stated by analysts came at a time when corporate demand was weakening. CryptoQuant data spot Bitcoin ETFIt shows that ‘s asset growth has slowed to the slowest level since launch. Large corporate buyers also lost purchasing power. For example, Strategy reduced its annual Bitcoin purchase from 171,000 BTC to 9,600 BTC.
Bitcoin is currently trying to hold on to the $87,000 level after falling to $82,000 last week. However, there is a 22 percent decrease in the last 30 days and a 12 percent decrease on an annual basis. While the price falling below $90,000 caused the psychological threshold to be broken, analysts’ focus is now turned to the strong support zone in the $70,000–73,000 band. This region also coincides with the average cost level of large investors.
Strategy changes on the part of investors also attract attention. Robert Kiyosaki, author of the book “Rich Dad, Poor Dad”, announced that he sold $2.25 million worth of BTC at around $90,000, and said that he still maintains his long-term upward expectations and will buy again.
