Bitdeer's 152.7 BTC Sale Tests Market Structure Amid Extreme Fear

VADODARA, January 24, 2026 — Bitcoin cloud mining firm Bitdeer executed a strategic liquidation of 152.7 BTC this week, nearly matching its weekly production of 155 BTC, according to an announcement on its official X account. This daily crypto analysis examines the implications for Bitcoin's market structure, with current price action hovering at $89,685 amid extreme fear sentiment. On-chain data indicates this miner behavior mirrors patterns observed during the 2021 correction, where sustained selling pressure created a liquidity grab below key moving averages.

Market Context & Background

Historical cycles suggest miner selling at this scale typically occurs during periods of compressed profitability or anticipatory market downturns. Similar to the Q3 2021 correction, when Bitcoin fell from $64,000 to $29,000, miner outflows preceded a breakdown below the 200-day moving average. Market structure currently shows a volume profile concentration around $90,000, with recent price action forming a Fair Value Gap (FVG) between $92,000 and $94,000. According to Ethereum.org's documentation on proof-of-work economics, miner behavior often serves as a leading indicator for broader market sentiment, as operational costs force strategic asset management.

Related developments include short positions dominating $216 million in crypto liquidations and the Crypto Fear & Greed Index hitting 25, both reinforcing the extreme fear backdrop.

What Happened?

Bitdeer reported mining 155 BTC in the week ending January 23, 2026, and sold 152.7 BTC during the same period. This leaves the company with net holdings of 1,504.4 BTC, as per its X statement. The near-total sale represents a 98.5% liquidation rate of weekly production, a significant deviation from typical miner behavior where reserves are accumulated during bullish phases. Primary data from Bitdeer's announcement, verified by on-chain analytics, shows the transactions were executed across multiple exchanges, contributing to sell-side pressure.

Technical Analysis & Price Action

Bitcoin's current price of $89,685 sits just above the 50-day exponential moving average (EMA), with the Relative Strength Index (RSI) at 42, indicating neutral momentum. A critical support level exists at the $88,500 Fibonacci retracement level (38.2% from the recent high), which aligns with a previous order block from early January. Resistance is established at $92,000, where a cluster of moving averages converges. Market structure suggests a break below $88,500 would invalidate the bullish scenario, potentially triggering a gamma squeeze as options positions unwind. Conversely, holding above this level could see a retest of the FVG up to $94,000.

Bullish Invalidation: A daily close below $88,500 would signal miner capitulation accelerating, targeting lower support at $85,000.

Bearish Invalidation: A reclaim above $92,000 with increasing volume would negate the sell-off pressure, indicating absorption of miner supply.

By The Numbers

Why It Matters

For institutions, Bitdeer's actions reflect a risk-off approach, potentially signaling broader miner distress that could impact Bitcoin's hash rate and network security. Retail investors face increased volatility, as miner selling adds to the sell-side liquidity in a market already dominated by extreme fear. The near-total liquidation rate suggests operational pressures, possibly due to rising energy costs or anticipatory hedging against further downside, similar to patterns seen before the 2022 bear market.

Community Sentiment

Market analysts on X/Twitter note the divergence between miner outflows and Bitcoin's stagnant price, with some suggesting this could be a "smart money" move ahead of a larger correction. Others point to the resilience of Bitcoin's price above key supports as a sign of underlying demand. No direct quotes from executives like Michael Saylor are available, but sentiment among bulls remains cautious, focusing on the $88,500 support level as a make-or-break zone.

Price Prediction / Future Outlook

Bullish Case: If Bitcoin holds above $88,500 and absorbs miner supply, a rally to fill the FVG at $94,000 is plausible, driven by institutional accumulation during fear periods. Historical data from Glassnode indicates similar miner sell-offs in early 2023 preceded a 40% rally.

Bearish Case: A break below $88,500 could trigger a liquidity grab down to $85,000, exacerbated by continued miner selling and extreme fear sentiment. This would mirror the 2021 correction where miner capitulation led to a 55% drawdown.