Bitcoin Updates: Large Holders Accumulate as Others Panic Sell—$82K Level Emerges as Key Support for Bitcoin

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Bitcoin Updates: Large Holders Accumulate as Others Panic Sell—$82K Level Emerges as Key Support for Bitcoin

Bitget-RWA2025/11/23 18:32

By:Bitget-RWA

- Bitcoin fell to 7-month lows near $86,000, sparking debate on critical support levels or further decline. - On-chain data shows panic selling mixed with whale accumulation, as $95K-$97K becomes key resistance. - Institutional buyers like Abu Dhabi's Al Warda boosted Bitcoin holdings, contrasting ETF outflows and leveraged liquidations. - $82K support zone now critical - a breakdown could trigger mass liquidations, while recovery might signal stabilization. - Market remains divided between "washout" optim

Bitcoin has tumbled to its lowest point in seven months, hovering near $86,000. This sharp decline has ignited a heated discussion among market experts about whether the cryptocurrency is approaching a crucial support threshold or if further losses are on the horizon. Both on-chain analytics and sentiment gauges reveal a complicated mix of panic-driven selling and possible accumulation by steadfast investors, with attention now turning to significant resistance and support levels.

The recent slip beneath $90,000

represented a notable breach

in Bitcoin’s short-term trend, according to Glassnode’s research team. The price has dropped below the one standard deviation band of the short-term holder (STH) cost basis, currently around $109,500, resulting in substantial losses for newer investors. Historically, such moves have triggered panic selling and sapped momentum, often requiring a period for the market to regain stability. The $95,000–$97,000 zone has now become resistance, and reclaiming this area would be an early sign of recovery.

Large holders have become more active as prices fall, with over 29,000 transactions above $1 million logged this week—the highest level of major accumulation seen in 2025. Data from Santiment points to a transition from “dumping” to “accumulating,” with long-term investors absorbing 186,000 BTC since October. Still, interpretations vary:

some market watchers believe

this signals dip-buying, while others warn it may reflect forced liquidations among leveraged traders.

Glassnode’s findings also indicate

that wallets holding more than 1,000 BTC have grown by 2.2% over four months, hinting that institutional players may be preparing for a rebound.

Sentiment among institutions is still mixed. Abu Dhabi’s Al Warda Investments tripled its holdings in BlackRock’s IBIT ETF to $517.6 million in the third quarter, viewing

Bitcoin

as a safe-haven asset similar to gold. This stands in contrast to recent ETF outflows,

which resulted in $910 million being liquidated

within a single day, including $703 million from long positions. At the same time, the resolution of the U.S. government shutdown and expectations of Federal Reserve easing are being cited as possible triggers for a recovery, drawing comparisons to the 2019 bounce-back.

Technical signals highlight the market’s vulnerability. Bitcoin’s 7-day EMA for STH realized losses has soared to $523 million daily, the highest since the FTX collapse.

The Crypto Fear & Greed Index has dropped to its lowest point this year

at 15, while the STH Realized Profit-Loss Ratio has fallen to levels typically seen at local bottoms. However, the crucial support at $82,045—where more than 825,000 BTC were accumulated—now stands as the final major barrier against further declines.

If this level fails

it could trigger a wave of liquidations and send Bitcoin into unexplored price territory.

Opinions among analysts remain split. Some see the current downturn as a “washout” that is clearing out speculative excess, while others caution that ongoing macroeconomic uncertainty and concerns over quantum computing—fueled by Ray Dalio’s remarks—could extend the slump.

This pessimistic view has been challenged

by those who point to Bitcoin’s strong cryptographic security compared to conventional banking systems.

The next phase depends on whether institutional buying can offset retail capitulation. Last week, spot Bitcoin ETFs saw $74 million in net inflows, suggesting some renewed optimism, but

Ethereum

and

XRP

ETFs continue to experience outflows.

As the market navigates these conflicting signals

, the $82K–$84K range will be closely watched in the coming days as a possible turning point for either a relief rally or a deeper pullback.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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