MARA Offloads 644 Bitcoin as Selling Pressure Builds – $58.7M Hit FalconX & Coinbase Prime

Bitcoin is struggling to reclaim higher levels as the market faces its strongest wave of selling pressure in months. After losing key support zones, price action has remained weak, fueling a growing divide among analysts. A large portion of the market now believes Bitcoin has entered the early stages of a bear market, citing weakening momentum, macro uncertainty, and aggressive sell-side flows from major players.

Yet, on the other side of the debate, optimistic investors view this downturn as a rare buying opportunity — the kind that often appears during deep corrections within broader bullish cycles.

Adding to the uncertainty, fresh on-chain data from Lookonchain reveals that the Bitcoin mining firm MARA recently deposited a significant amount of BTC onto exchanges, a move typically interpreted as preparation for selling.

Such activity tends to increase short-term supply pressure and can accelerate downward momentum, especially when market sentiment is already fragile. These miner flows have caught the attention of traders who fear additional sell-offs could push Bitcoin into a more extended correction.

MARA’s Latest BTC Deposits Raise Questions

According to new data shared by Lookonchain, Bitcoin mining firm MARA has deposited another 644 BTC, worth roughly $58.7 million, to FalconX and Coinbase Prime. This move signals yet another instance of miners sending coins to exchanges — an action typically associated with potential selling pressure. In a market already dominated by fear, every new batch of miner deposits tends to draw immediate attention from traders who worry that fresh supply could deepen the current correction.

However, several analysts argue that this particular transfer may not be as alarming as it appears. They point out that MARA has executed far larger sell-side movements in the past — often moving thousands of BTC at once — and the current 644 BTC represents a relatively small portion of the miner’s reserves. From this perspective, the latest deposit might simply reflect routine treasury management rather than an aggressive selling strategy.

Some market observers even note that during major corrections, miner flows tend to look more dramatic than they truly are because sentiment is already fragile. In this case, the MARA deposit may contribute to short-term volatility but is unlikely to be the driving force behind Bitcoin’s broader price weakness.

Testing Critical Weekly Support as Selling Pressure Persists

Bitcoin’s weekly chart shows the market locked in a critical battle around the $91,000–$92,000 zone, a level that has become the line separating a controlled correction from a deeper trend shift. After losing momentum near the $120,000 range earlier in the year, BTC has now retraced toward the 50-week moving average, which is acting as the main support structure. Historically, this moving average has served as a mid-cycle support during bull markets, and Bitcoin is once again testing its resilience there.

The recent candles reflect sustained selling pressure, with long-bodied red candles revealing strong downside momentum in recent weeks. Volume has also increased on down-moves, an indication that the correction is driven by forced selling — from short-term holders, miners, and market participants exiting positions in fear.

However, despite the weakness, Bitcoin has not yet broken below the green 100-week moving average, which remains well below current price and continues to slope upward — a structural sign that the long-term trend hasn’t flipped bearish. If BTC manages to hold above $90K and stabilize, this area could mark a local bottom similar to mid-cycle pullbacks seen in previous bull markets.

Featured image from ChatGPT, chart from TradingView.com