Key Insights:
- Weak on-chain demand sparks concerns on Bitcoin price prospects.
- Bitcoin miners have offloaded 33,000 BTC in the first 6 days of January.
- Fuel for the bulls or exit liquidity? The accelerating accumulation pace and how it will likely impact BTC price movements.
If you have been closely watching Bitcoin price action over the last 6 weeks, then chances are that you noticed its struggle to reclaim the $100,000 price level. This observation may not be a fluke and could even be an engineered price suppression.
The latest rally in the first week of 2026 raised optimism that the Bitcoin price might finally push out of its consolidation zone. The king of the cryptos has been trading within the $84,000 and $95,000 range.
The fact that Bitcoin price pivoted on Tuesday and has since retraced means that it was not yet ready to push out of the same range.
Recent on-chain data may explain why it has so far not been able to secure enough momentum to push outside the range.
Bitcoin apparent demand remained relatively weak above $93,000. In other words, the cryptocurrency failed to sustain the latest momentum.
The apparent demand indicator revealed that demand was still not at levels typically associated with robust demand. Bitcoin price was down to $91,190 at the time of observation after cooling down by over 2% in the last 24 hours.
Miners Offload Despite Rising Bitcoin Price Action
While the Bitcoin price performance today reflected the weak demand sentiment, it was also fueled by selling pressure. Interestingly, whales were among the key contributors of that selling pressure.
Recent data revealed heavy miner outflows, which is contrary to what one would expect when the market is about to experience a strong bullish move. Miners reportedly sent 33,000 Bitcoin to Binance in the last 6 days.
The rising miner outflows were noteworthy because this category represents the channel through which new supply gets into the market. Miners tend to hold on to their BTC when they expect more upside and sell when they anticipate downside.
However, it is worth noting that miners may also offload some of their coins to cover their operating costs. Moreover, they have been offloading some of the coins during an uptrend, which may indicate an intent to avoid pushing the price lower.
Is Bitcoin Price Facing Another Temporary Bullish Relief?
The Bitcoin USD price chart is now at yet another impasse, especially considering recent events. Rising geopolitical tensions may underscore a higher uncertainty for risk-on assets.
This may explain why we previously observed weak demand from the whale cohort during the rally in the last few days. The same whales previously acquired BTC when it was near the recent lows.
We also observed rising balances in accumulator accounts, which indicates that there was significant demand at recent BTC lows. In other words, demand exists, and it has been relatively weak because not everyone is convinced that the market tailwinds are over.
In summary, the latest rally was characterized by weak demand. The same playbook that led to heavy liquidations in 2025 every time Bitcoin price capitulation occurred.
Bitcoin price could be shaping up for similar outcomes. However, this time the price is heavily discounted, and the liquidity party is starting to take shape with lower rates.
Bitcoin’s relative detachment from the traditional markets, especially from oil, may signal that it may be shielded from the US-Venezuela situation. However, it could still be affected by secondary factors down the road.