The Bitcoin halving, one of the most bullish events for the BTC price, is just 12 months away. The event where the rewards are slashed in half is expected to induce huge bullish momentum with the star crypto. Hence, a fine upswing is set to begin just before the halving, which is further expected to transform into a bull run that may elevate the price to new highs.
However, presently, the BTC price appears to be in trouble as large institutions, or whales, have been selling constantly and trying to mount selling pressure over the token. As the prices are driving toward the south, the bearish action is expected to continue as the massive spot selling has been recorded.
The analyst, Daan Crypto Traders, says that there has been aggressive spot selling while significant amounts of BTC have been added to circulation as well. This is happening either because the entities are extracting their profit or because the insiders know something. In the latter case, the BTC price witnessed a sharp fallout that was followed by a new FUD within days.
The markets appear to have not yet digested the initial drop, and hence the absorption may require more time. In the meantime, the markets require some eager buyers who can bid the price up again at some point that has not yet been seen. Therefore, bearish flags continue to flutter around the crypto space as the Bitcoin (BTC) price appears to be poised to test the lower support until the weekend.