Bitcoin Price Hits Resistance at $87,000, Double-Bottom Structure Forms

Bitcoin's price action has been closely watched in recent days, with the cryptocurrency struggling to break above the $87,000 resistance level.

According to data, large Bitcoin holders, known as whales, have been reducing their combined balances, with a decline of about 30,000 BTC worth roughly $2.52 billion over the past week.

A long-term chart shows a possible double-bottom structure, with the measured target in the previous all-time-high zone.

Analyst Ted Pillows notes that a weekly close above $87,500 is necessary to establish a stronger rally setup, with failure to clear that level potentially exposing Bitcoin to a move below $80,000.