The price of Bitcoin has hardly changed over the last 24 hours. BTC remains close to 89,500 USD, despite the weekly loss still being almost 6%. At first glance, this looks like a calm sideways movement of Bitcoin. However, underneath, the charts suggest something different.
Many technical and on-chain signals are now pointing to a stalemate. Buyers are trying to delay a larger drop rather than start a new upward wave. The risk is quietly increasing, and a less known opponent is starting to matter.
Doji candles and the loss of EMA show that further movement of Bitcoin belongs to sellers.
Over the last three daily sessions, Bitcoin has drawn doji-like candles with thin bodies and long wicks. Such candles indicate indecision rather than balance. Sellers are pushing for lower levels, buyers are entering late, and neither side is gaining an advantage.
This behavior appears exactly at the lower boundary of the rising wedge. The rising wedge tilts upward but narrows price volatility, often breaking after support is pierced.
If this structure fails, the projected range of decline indicates $77,300, which is a potential drop of 13% from current levels.
Technical risk is increasing after the addition of moving averages. Bitcoin lost its 20-day exponential moving average (EMA) on January 20. EMA is a trend indicator that gives more weight to the latest prices, allowing it to respond quickly to short-term changes.
The last time the negative movement of BTC broke the EMA 20 lines was on December 12, where the price corrected by about 8%. This time, the cryptocurrency has already fallen by about 5% before stabilizing. Doji candles suggest that buyers are slowing the decline rather than reversing the trend.
In short, this is not indecision between bulls and bears. It is buyers trying to delay a larger decline. So who is still buying and why is this support weakening?
Long-term holders are still buying, but capital is not contributing to a positive BTC movement.
On-chain data shows that long-term holders, meaning wallets holding the coin for at least 155 days, are still buying. This group is tracked by the Holder Net Position Change indicator, which measures how many coins long-term investors add or take away over time.
Over the last two weeks, this indicator has remained positive. This buying explains why Bitcoin's movement has not yet collapsed. However, this strength is weakening. In this regard, on-chain data reveals that on January 19, long-term holders added about 22,618 BTC. By January 23, daily net purchases had already fallen to about 17,109 BTC. This is a drop of about 24% in buying intensity in just four days.
Therefore, this movement explains that holders are still supporting Bitcoin's bullish movement, but increasingly weakly. This is also visible in the doji candles on the chart. Support exists but is shrinking.
This slowdown in itself does not pose a threat. The problem lies in the fact that a new source of pressure is simultaneously emerging.
Miners - a lesser-known adversary behind rising risks
Currently, the most undervalued change comes from Bitcoin miners, whose movement is also significantly influenced.
The Miner Net Position Change indicator tracks the 30-day change in supply in miners' wallets. When the value becomes increasingly negative, it means that miners are selling more coins over time. On January 9, miners reduced their holdings by about 335 BTC. By January 23, the number increased to about 2826 BTC. This is more than an eightfold increase in selling pressure in two weeks.
The reason becomes clear when we consider network fees. Monthly Bitcoin network fees have sharply decreased, according to analysts at BeInCrypto. In May 2025, miners earned about 194 BTC in monthly fees. By January 2026, this value had dropped to around 59 BTC. This is a revenue decline from fees of about 70%.
Lower fees reduce miners' margins. As revenues decline, miners are more willing to sell Bitcoin to cover operating costs, which is visible in the market. However, their selling pressure is not yet strong, but it definitely has a negative impact on the current movement of Bitcoin.
At the same time, whales' behavior is softening. The number of whale addresses increased from January 9 to January 22, after which it began to stabilize and slightly decline. This may suggest early distribution rather than aggressive selling, although it increases the pressure created by miners.
Further movement of Bitcoin will now rely on significant price levels.
Significant price levels will determine whether BTC's movement has a chance of reversal.
With the current price close to $89,500, Bitcoin needs a daily close above $91,000, an increase of about 1.79%, to regain the 20-day EMA. This would ease the rapid downward pressure and signal that buyers are slowly regaining control. However, the risk is getting closer.
However, a daily close below $88,500, or about 1% lower, would place Bitcoin back under the support of the rising wedge. If that happens, rapid downward moves may occur.
Key price levels for BTC to watch are first the one at $84,300, then the wedge projection around $77,300. Further movement of Bitcoin will depend on the strength of long-term holders' purchases and ongoing sales by miners. If nothing changes in the near future, the aforementioned levels will become realistic.
To read the latest cryptocurrency market analysis from BeInCrypto, click here.
