Bitcoin fell back to the $91,000 zone on Tuesday after briefly reaching $94,000 the previous day.
New data showed strong selling pressure near a key resistance level, despite improved underlying demand.
Large sell orders halted Bitcoin's rise near $95,000
The drop came after a failed attempt to break above $94,000–$95,000, where order book data showed nearly $100 million in sell orders on major exchanges.
The large liquidity acted as a ceiling, halted the price rise, and triggered short-term profit-taking.
The $91,000 zone is a gateway for large buying volumes, where new buyers entered the market early in 2025. It appears they are now taking quick profits after the recent volatility.
Order book heatmaps showed that sellers absorbed buying pressure as Bitcoin entered the zone.
When the upward movement stalled, leveraged traders exited their positions, amplifying the decline toward $91,000. The move reflected market structure rather than a sudden shift in sentiment.
A price rally is still possible
Despite the decline, on-chain and flow data show the broader trend remains positive.
CryptoQuant data shows the ratio between Bitcoin and stablecoins on Binance is beginning to rise again, signaling growing buying power waiting in the wings.
A higher ratio indicates that traders are holding stablecoins and waiting for good buying opportunities. They tend to invest more when the price falls than when it rises quickly.
This gradual accumulation of liquidity often precedes consolidation phases, where the price moves within a range before the next major move. It rarely leads to rapid, strong gains in the short term.
Institutional interest remains. Spot Bitcoin ETFs had approximately $697 million in net inflows on January 5, nearly bringing total inflows to $58 billion.
The key point is that these inflows continued even when Bitcoin was near resistance levels. This suggests long-term buying rather than speculative purchases.
The difference between strong ETF inflows and weak short-term price performance indicates a divided market.
Long-term buyers continue to accumulate. At the same time, short-term traders react to technical levels and liquidity clusters. This explains why Bitcoin failed to sustain above $94,000 without triggering major panic sell-offs.
There were no signs of large transfers to exchanges or extensive selling from long-term holders when the price dropped.
Current data points to consolidation rather than a reversal. Breaking above $95,000 will likely require continued demand, reduced selling pressure, and stronger risk appetite in the market.
Until then, declines toward the lower $90,000 levels appear normal as the market adjusts after recent gains.