Bitcoin Flashes Bearish Technical Signal, But Whales are Still Accumulating

After attempting to rally up towards $9,000 overnight, Bitcoin incurred a massive influx of selling pressure that sent its price reeling down to its previous trading range, which could mean that it will incur significantly further selling pressure in the near-future as bears attempt to push its price back to its range lows of $7,800.

In the near-term it is appearing to be increasingly probable that Bitcoin will extend its recent downtrend, and one prominent analyst is pointing to a technical formation that the crypto formed as a sign that further losses are imminent.

Bitcoin Reels Down from Daily Highs as Bears Build Strength

At the time of writing, Bitcoin is trading down 2% at its current price of $8,370, which marks a notable retrace from its daily highs of nearly $8,800 that were set last night just prior to the major drop that occurred today.

Prior to surging earlier this week, Bitcoin was caught within a relatively tight trading range between $7,800 and $8,400, and today’s drop…