Bitcoin Price Drops to $8,840 — Key Metrics Signal BTC May Correct Further

Within the last hour Bitcoin (BTC) price dropped to $8,840. The drop came with less than 8 hours left before the weekly close.

A confluence of miners selling more BTC than they mine, Bitcoin recording 6 consecutive lower highs, and the retest of the $8,800 support leaves BTC vulnerable to a severe pullback.

Six consecutive lower highs since June 2019

As shown on the daily chart, since June 19 Bitcoin has recorded six consecutive lower highs. The price rejected at $14,000, $13,300, $12,300, $10,600, $10,500, and $10,000, making every local top lower than the previous peak.

In technical analysis, lower highs indicate that buyers are failing to establish a new bull cycle. Every time a lower peak is reached, it shows the selling pressure in the market is simply too strong to break out of it.

Bitcoin records six consecutive lower highs since June 2019. Source: Tradingview

A clear rejection of the $9,800 to $9,900 range and the projected third test of the $8,800 support level suggest Bitcoin…