Bitcoin Gains Steam as Selling Pressure Eases and Exchange Inflows Fall

Bitcoin has seen steady gains since the start of the week, closing in positive territory over the last four days. But these short-term gains don’t tell the full story. Under the surface, market conditions have shifted in recent weeks. Fewer coins are moving onto exchanges, suggesting that investors are not rushing to sell, a key sign that selling pressure is easing.

Bitcoin Sees Easing Selling Pressure

Bitcoin briefly fell to $80,000 on November 21 but has since climbed to a one-month high near $94,000. This recovery comes as fewer coins are being moved onto exchanges and selling from large holders has slowed, trends that generally help support market stability. 

Over the past three weeks, exchange deposits have dropped sharply from 88,000 BTC to 21,000 BTC, reflecting a gradual reduction in selling activity that had been building. Much of this slowdown is due to the actions of large investors and whales. Specifically, their share of exchange deposits fell from 47% in mid-November to 21%, while the average size of their transactions shrank 36%, declining from 1.1 BTC to 0.7 BTC. 

These shifts in market behavior were already in place ahead of today’s Federal Reserve decision, which cut the key interest rate by 25 basis points to 3.5%–3.75%, marking the third reduction in 2025.

Bitcoin Set for Near-Term Gains

The slowdown in selling comes after a period of heavy market losses, with Bitcoin dipping below $100,000 on November 13 and whales and short-term traders recording $646 million in realized losses, marking the largest losses observed since mid-year.

In total, net losses have reached roughly $3.2 billion in recent weeks, a level that appears to have cleared out more vulnerable holders and lessened the pressure of forced selling. While such losses can drive steep declines during weak market phases, once the bulk of this pressure eases, it often creates conditions for steadier price movement.

If selling continues to remain low, Bitcoin could see further upside in the near term, with potential levels to watch reflecting both on-chain metrics and historical resistance points.

• Bitcoin may rise toward $99,000, which aligns with the lower range of the Trader On-chain Realized Price indicator, suggesting initial upside potential if current market conditions hold
• Looking higher, key resistance is observed at $102,000, near the one-year moving average, and around $112,000, corresponding with the upper range of the same on-chain metric, indicating areas where upward momentum could face stronger selling pressure

Rate Cut Offers Relief, but History Weighs on Momentum

Alongside these resistance levels, the recent Federal Reserve rate cut could influence short-term price action, potentially prompting a brief relief rally. However, historical trends suggest Bitcoin often faces downward pressure following FOMC announcements, with analyst Ali Martinez noting that in 2025, the only short-lived rally occurred in early May. 

Currently, the cryptocurrency remains in a corrective channel, trading around $93,731 with resistance between $94,000 and $96,000. Any sustained upward movement will depend on buyers overcoming these barriers to maintain momentum.