Why Bitcoin falls today?
Bitcoin slips 5% as bearish signals mount and key support wobbles
Bitcoin (BTC) has dipped 5% over the past week, retreating from record highs and hovering near $103,440 amid signs of technical weakness.
Despite the price correction, the number of whale wallets—those holding between 1,000 and 10,000 BTC—has rebounded slightly to 2,006 after a recent dip to 2,002. This modest uptick follows a sharper drop from 2,021 on May 25, suggesting that some large holders may be returning to accumulation mode. Whale behavior is a closely watched market indicator due to their influence on liquidity and volatility. Renewed accumulation may offer some near-term support, easing fears of heavy distribution.
Ichimoku Cloud signals bearish structure
Technical indicators continue to point toward a bearish bias, with the Ichimoku Cloud chart revealing BTC trading below the Kumo zone—a sign of weakening trend strength. The future cloud appears red, suggesting downside momentum, while the Tenkan-sen and Kijun-sen lines remain downward-sloping, reinforcing a negative outlook.
Additionally, the Chikou Span lags behind both price and the cloud, failing to confirm any bullish momentum. These factors align to paint a cautious near-term picture for Bitcoin unless bulls manage to reclaim key resistance levels and push back above the cloud.
Bitcoin teeters near key support as death cross looms
BTC recently formed a death cross—a bearish pattern where the 50-day moving average crosses below the 200-day—and may be on track to form another. The price is testing support near $104,584, a level that has held thus far but remains vulnerable.
If it breaks, BTC could fall to $102,135 or even $100,694 under stronger selling pressure. However, a reversal and break above resistance at $106,726 could flip the script, with targets at $110,728 and $112,000 if momentum builds. For now, caution dominates as both price action and technical signals lean bearish.
Recently we wrote that the cryptocurrency market crash on Friday triggered a wave of liquidations.
