Bitcoin’s January rally has faltered with the coin testing the $90,000 price level again.
BTCUSD – Daily Chart
The $94000 level has provided a stubborn resistance for Bitcoin with a sharp move to $89,200. The current bounce will need to return above the resistance for a chance of bullish activity.
Some analysts see the recent bearish activity in BTC as a cap on any near-term strength. Retail investors will be looking at gold and silver, rather than crypto, and institutions may be cautious after recent bearishness.
Trader Roman said on X:
“I still believe 76k is coming and all this sideways movement is just a reset to get there. I don’t see any signs of reversal, and HTF is still very bearish”.
But BlackRock added almost 9,000 BTC during the first week of January, rebuilding exposure after a year-end drawdown in 2025 and hinting at signs of BTC accumulation. Long-term buyers are also happy to sit and wait. Long-term holders are selling at their lowest rate since 2017, despite elevated prices.
Data from Lookonchain showed that BlackRock has accumulated Bitcoin over the past three days, with purchases totalling 9,619 BTC, valued at roughly $878 million. The asset management giant now holds approximately 780,400 BTC, valued at $70 billion.
BlackRock’s holdings peaked on November 30 at around 804,000 BTC. However, much of the company’s buying is required to back its ETF, rather than signify a long-term bet.
Another positive sign is Bitcoin’s Exchange Inflow Coin Days Destroyed (CDD) metric on Binance. The figure is now at its lowest level since 2017, indicating that older coins are not being moved to exchanges in bulk. Long-term holder supply dropped to 13.6 million in November, from 15 million in July 2025. However, over the past two months, long-term supply has not decreased further.
Long-term holders may be reluctant to sell, fearing the coin could take off, but current activity remains bearish for the world’s largest cryptocurrency.
