The cryptocurrency is in a critical holding pattern, with the outcome at the $84,000 level being pivotal for determining its next directional move.

Conversely, a successful defense of the $84,000 support level could bolster market confidence, and a breakout above $89,000 might trigger a rally towards the $93,000 to $95,000 range.

However, Bitcoin is encountering significant selling pressure as it trades below key moving averages, compounded by escalating US-China trade tensions that are increasing market uncertainty.

In fact, over the past nine days, long-term holders have accumulated 297,000 BTC, indicating that high-conviction investors are taking advantage of recent price dips.

Despite the bearish market conditions, the accumulation of Bitcoin by long-term holders (LTHs) suggests a potential bullish sentiment among seasoned investors betting on a long-term recovery.

Bitcoin is currently trading at $84,300, maintaining a position above critical technical indicators, although it faces a challenge at the $89,000 resistance level.

If Bitcoin cannot sustain its position above $84,000, it risks increased selling pressure that could lead to a retest of the psychological support level at $80,000.