Charts and on-chain signals show Bitcoin buyers defending near $89,500

Beincrypto reports Bitcoin is trading flat near $89,500 with weekly losses close to 6%, while charts and on-chain indicators suggest buyers are defending price rather than driving a fresh rally. Over the past three daily sessions Bitcoin printed doji-like candles at the lower boundary of a rising wedge, a structure that can break down and target roughly $77,300, about a 13% drop from current levels.

BTC lost its 20-day exponential moving average on January 20; the last clear break below that EMA on December 12 led to an ~8% correction, and this time BTC has slipped about 5% from the breakdown before stabilizing. On-chain data show long-term holders remain net buyers by the Holder Net Position Change metric, but daily net buying fell from roughly 22,618 BTC on January 19 to about 17,109 BTC on January 23, a roughly 24% decline.

Miner selling has risen sharply: Miner Net Position Change moved from reducing holdings by about 335 BTC on January 9 to roughly 2,826 BTC on January 23, an over eightfold increase, coinciding with a collapse in monthly network fees from about 194 BTC in May 2025 to roughly 59 BTC in January 2026 (near a 70% decline).

Key Topics

Crypto, Bitcoin, Long-term Holders, Bitcoin Miners, Network Fees