In the last hour, the price of Bitcoin (BTC) fell to USD 8.840. The drop occurred with less than 8 hours remaining before the weekly close.

A confluence of miners who sell more BTC than they mine, Bitcoin records 6 consecutive lows, and the USD 8,800 resistance level leaves BTC vulnerable to a severe setback.

Six consecutive lows since June 2019

As shown on the daily chart, since June 19, Bitcoin has recorded six consecutive lows. The price was rejected at $14,000, $13,300, $12,300, $10,600, $10,500 and $10,000 , making each new high lower than the previous peak.

Bitcoin miners sell

1. Immediate Edge
2. Bitcoin Circuit
3. Bitcoin Code
4. Bitcoin Evolution
5. Bitcoin Trader
6. Bitcoin Profit
7. The News Spy
8. Bitcoin Era
9. Bitcoin Revolution
10. Bitcoin Billionaire

months after halving, on-chain data suggests
In the technical analysis, the low highs indicate that buyers are not setting a new upward cycle. Every time a low is reached, it shows that the selling pressure in the market is simply too strong to pull out.

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

A clear rejection in the $9,800 to $9,900 range and the third projected test at the $8,800 support level suggest that Bitcoin is not ready to start a rally above $10,000 yet.

The triple test of $8,800
Bitcoin’s price bounced off at $8,400, testing the $8,000 support area for the second time in four days. Generally, digital assets tend to break below a high support level on the third or fourth tap. This means that BTC is likely to see a clear stretch at the $8,800 level at the weekly close.

Halving hype drives second strongest spot volume on record
Almost immediately after falling about $8,800, the price of Bitcoin rebounded to about $8,900, showing that BTC is set for a short-term price spike after the weekly opening on May 25.

But, TradingLite data shared by crypto currency trader, Hsaka, shows a significant amount of sell orders on OKEx in the range of $9,300 to $9,400.

Based on the strong response by buyers to the $8,800 support level and selling pressure at $9,300, it is likely that BTC will remain in the $8,800 to $9,300 range before seeing the next reversal.

If the Bitcoin price recovers in the short term below the $9,000 region and returns to the $8,800 level, it increases the likelihood that BTC will see a much larger correction to the $6,000 to $7,000 range.