Bitcoin is currently grappling with a significant wave of selling pressure, one of the strongest seen in months. Following the loss of key support zones, the price action has remained weak, leading to a widening divide among analysts regarding the future trajectory of the cryptocurrency. A significant number of market participants now speculate that Bitcoin may have entered the early stages of a bear market, attributing its dwindling momentum to macroeconomic uncertainty and aggressive sell-side flows from substantial players.
On the flip side, some optimistic investors view this downturn as a golden buying opportunity—a classic scenario often surfacing during deep corrections in otherwise bullish cycles.
Amid the uncertainty, fresh on-chain data from Lookonchain indicates that the Bitcoin mining firm MARA has recently deposited a notable amount of BTC onto exchanges. This move is often interpreted as signaling a potential for selling, which could further exert pressure on an already fragile market.
Selling activity by miners can increase short-term supply pressure and may catalyze downward momentum, especially when sentiment is shaky. Traders are watching these developments closely, apprehensive that additional sell-offs could lead Bitcoin deeper into correction territory.
MARA’s BTC Movements Raise Eyebrows
According to data shared by Lookonchain, MARA has deposited another 644 BTC, valued at approximately $58.7 million, to FalconX and Coinbase Prime. This action represents yet another instance of miners transferring coins to exchanges, an event typically correlated with heightened selling pressure. In a climate already rife with fear, each new miner deposit garners immediate attention from traders concerned that fresh supply may exacerbate the current correction.
Nevertheless, some analysts contend that this latest transfer may not be as ominous as it appears. They point out that MARA has executed far greater sell-side movements in the past, often transferring thousands of BTC at one time; thus, the current 644 BTC constitutes a relatively minor segment of the miner’s total reserves. From this standpoint, the latest deposit might solely reflect routine treasury management rather than a concerted selling effort.
Moreover, several market observers note that during significant corrections, miner flows can appear more dramatic than their actual impact, primarily because existing sentiment is already fragile. In this case, while the MARA deposit could induce short-term volatility, it is unlikely to single-handedly drive Bitcoin’s broader price weakness.
Testing Critical Weekly Support Amid Sustained Selling Pressure
Bitcoin’s weekly chart indicates the market is entrenched in a vital battle at the $91,000–$92,000 zone, a critical level that distinguishes a controlled correction from a potential deeper trend shift. After exhibiting weakness near the $120,000 range earlier this year, BTC has now retraced towards the 50-week moving average, which is serving as the primary support structure. Historically, this moving average has provided mid-cycle support during bullish phases, and Bitcoin is once again testing its fortitude.
The recent price action shows persistent selling pressure, with long-bodied red candles illustrating strong downside momentum in recent weeks. Increased volume on down-moves signals that the correction is driven by forced selling from short-term holders, miners, and wary market participants exiting positions.
Despite the current weakness, Bitcoin has not yet dipped below the green 100-week moving average, which remains positioned well below current price levels and is continuing to trend upward—suggestive that the long-term trend has not yet flipped bearish. If BTC can maintain its position above $90K and stabilize, this area could signify a local bottom, reminiscent of mid-cycle pullbacks observed in earlier bull markets.
Featured image from ChatGPT, chart from TradingView.com
