Bitcoin sell pressure could ramp up after 49.7K BTC onchain move
2025-02-06
Category: None

Bitcoin (BTC) is facing an uneventful few days, with the crypto asset dropping under $100,000 and triggering an industry-wide liquidation event worth over $2 billion. 
The community was hopeful about David Sacks’ digital asset press conference on Feb. 4, but the Trump administration crypto czar delivered a diplomatic speech about a potential Bitcoin Strategic Reserve. 
Sacks stated that the US president’s current directive “is to evaluate” the feasibility of establishing a Bitcoin Reserve, which some commentators argue differs from Trump's campaign promises. Consequently, the odds of a US national Bitcoin reserve in 2025 dropped to 47% on PolyMarket. 
49,700 Bitcoin “spent” may create selling pressure
XBTManager, a Bitcoin analyst, pointed out that over the past 24 hours, a total of 49,700 BTC from the 6-12 month spent output age band (SOAB) has been spent. The Bitcoin SOAB analyzes the period before which dormant coins were last moved. The BTC supply in context was last spent over 6-12 months ago. 
The analyst suggested that such a significant movement could lead to market volatility and potentially impact the BTC price. The analyst added,
In fact, historically similar market movements are associated with whale activity and possible “market manipulation,” causing retail-driven sell-offs to occur, leading to better lower entries for large investors. 
On a similar note, Alphractal, an investment analysis platform, said in an X post that overall Bitcoin sentiment is “entering the bearish zone.” 
However, a negative sentiment could allow better buying opportunities in the future. The post added,
Related: 'Altseason' ended in 2024: Bitcoin dominance should hit 71% before it returns
Bitcoin symmetrical triangle break down targets $94K

Bitcoin has threaded lower over the past 48 hours, with a symmetrical triangle taking shape on the 1-hour chart. With bullish momentum unlikely to transpire this week, BTC would potentially chase liquidity zones formed around $100,000 before testing the lower order block between $94,100 and $92,600. 
In a low-volume trading environment, it is common for BTC to trade between liquidity levels where trader positions are estimated. The price is currently at no man’s land after consolidating sideways over the past day. 
However, with an overall bearish outlook, Bitcoin could fill the fair value gap at $99,500 over the next few hours before threading lower down the charts in the coming days. 
On the contrary, new data suggested that whale addresses have added more than 30,000 BTC in the recent dip, which can typically trigger a short-term bounce. 
Then, the current bearish market will be invalidated if prices close above $100,000, which could turn the tides momentarily in the bull’s favor. 
Related: How long will Bitcoin’s price consolidation last?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.