The past few days have been tough for Bitcoin and the rest of the crypto market as the bears forced BTC to drop to $ 10,000.
Support just below this price region was substantial as BTC quickly popped back up and rose towards the top $ 10,000 region.
The bulls and bears have since hit an impasse, and the cryptocurrency is consolidating as it seeks to achieve clearer alignment in the near future
An analyst points to data that whales are looking to add to their BTC positions in the $ 8,000 region.
This means that a slump could be imminent in the coming weeks and months.
Bitcoin Trader and the aggregate crypto market have shown some mixed signs in the past few weeks.
Despite the intense strength during the last month, BTC wiped out most of its recent gains when sellers pushed it to lows at $ 9,990 before Bitcoin was able to move back into the mid-$ 10,000 range.
This selling pressure came quite unexpectedly and shows that the $ 12,000 region continues to present massive macroeconomic resistance for the cryptocurrency.
Where BTC heads next could depend on whether or not bulls are reclaiming $ 11,000 – that level previously represented strong support for Bitcoin .
According to data, whales are waiting for BTC to hit significantly lower lows before moving higher.
Bitcoin is showing signs of weakness – despite its current stability
At the time of writing, Bitcoin is trading at just under $ 10,500. This roughly corresponds to the price at which it was traded in the past 24 hours.
After the sharp sell-off yesterday morning, BTC saw some stability in its current price range and sellers need to retest the critical support level of $ 10,000.
However, should buyers be unable to push the price back above $ 11,000, there is a high likelihood that lower lows are imminent.
„Smart Money“ wants to buy BTC for $ 8,800
One indicator that Bitcoin whales could hit a lower lows is the presence of high bids from whales in the upper $ 8,000 range.
That suggests that they expect the cryptocurrency to slide towards these lows.
One analyst with reference to the graphic below writes:
“Nice to see you again, Bitfinex Whales. The smart money bids are $ 8,800. I assume that the bottom has probably been reached “
The weekend will likely prove to be a crucial time for Bitcoin.