Bitcoin Fails to Clear $87,000, Supports at $82,500

Bitcoin's recent price action has been constrained by a price channel that has held for more than two weeks, according to analyst Ali. The upper edge of this channel is currently around $87,000, which Bitcoin has failed to clear. Ali identified the lower edge of the channel as around $82,500, which has served as support for the cryptocurrency.

In the past, whales have taken profits and sold large amounts of Bitcoin during periods of high prices, and this recent period is no exception. More than 30,000 BTC were sold by whales, which may have contributed to Bitcoin's failure to clear $87,000. However, Ali notes that renewed accumulation by large holders after a pullback to around $82,500 could be a signal to consider buying the dip.

Ali's next rebound target for Bitcoin is $87,000, which suggests that he believes the price will eventually break through the upper edge of the current channel. However, it remains to be seen whether this will happen in the near future, and investors will need to keep a close eye on the price action of Bitcoin in the coming days and weeks.