BTCUSD
It has dropped by 6% over the past eight days after reaching new all-time highs, and recent technical signals indicate increasing uncertainty in the market. Whale activity, which had briefly declined, has started to recover, suggesting that some large holders may be returning to accumulation.
However, bearish indicators are increasing, as the Ichimoku cloud shows weakness and BTC is trading below key support levels. With the price fluctuating above $104,584, the threat of the death cross and a deeper decline remains unless bulls can regain momentum above resistance.
The number of Bitcoin whales rebounds after a strong decline
The number of Bitcoin whales—the addresses holding between 1,000 and 10,000 BTC—has risen slightly to 2,006 after dropping to 2,002 earlier this week.
This short drop followed a sharp decline from 2,021 on May 25, indicating a notable decline in large holders in the short term. However, the recovery suggests that some whales may be returning to accumulation.
While volatility has been low, such changes are closely monitored, as they often precede shifts in market sentiment or price movement.
Monitoring whale behavior is essential due to their significant impact on Bitcoin's liquidity and volatility. A decrease in the number of whales may indicate profit-taking or distribution, often signaling caution or a potential market slowdown.
Conversely, stability or an increase—like what is currently observed—could alleviate investor concerns and support price resilience at high levels.
An increase in the number of large holders after a sharp decline may indicate renewed confidence among key players, reducing the risk of immediate heavy selling pressure and helping Bitcoin maintain its current range.
Technical indicators are turning bearish as Bitcoin struggles below key levels
The Ichimoku cloud chart for Bitcoin shows a bearish structure in the short term.
The current price movement is below the kumo (cloud), which is shaded in both green and red—indicating that Bitcoin is trading in a weak area relative to historical and expected momentum.
The upcoming cloud is red, indicating that the overall trend for the near future remains bearish unless a reversal breaks the upper boundaries.
The Tenkan-sen line (the blue line) is below the Kijun-sen line (the red line), confirming short-term bearish momentum. Both lines are sloping downward, which is another bearish signal.
The Chikou Span line (the green lagging line) is below both the price and the cloud, reinforcing that the current momentum lacks bullish confirmation.
The future cloud is also narrowing, which may indicate a potential balance or upcoming consolidation area. Currently, the Ichimoku components align with a bearish outlook. A bullish reversal requires the price to break above the cloud and turn the future kumo from red to green.
Bitcoin faces a potential death cross
Bitcoin's price recently formed a death cross, and technical indicators suggest that another cross may be on the horizon. The price is currently trading above critical support at $104,584, which has acted as a short-term floor.
If this support fails, the next bearish targets lie at $102,135 and possibly down to $100,694 if selling pressure intensifies.
The presence of consecutive death crosses, along with weak price movement near these levels, increases the likelihood of a deeper correction in the short term.
On the bullish side, if Bitcoin can regain strong momentum, it may re-test resistance at $106,726.
Breaking this level could lead to a sharper move towards $110,728, with further upside potential to reach $112,000 if the rise accelerates. #MyCOSTrade #SaylorBTCPurchase #BinanceAlphaAlert #ElonMuskDOGEDeparture
