Bitcoin drops under $86K as $2.78B in BTC whale selling overwhelms active dip buyers

Bitcoin has fallen below the significant level of $86,000. While data suggests that retail traders have attempted to buy the dip, a staggering $2.78 billion in selling by larger entities has completely overshadowed this buying activity. This raises concerns about whether Bitcoin can maintain levels above $86,000. As long as the heavy selling from whales continues, retail dip-buying efforts may prove ineffective. Market participants need to closely monitor the situation, particularly for any signs of pivotal trend reversals that could impact pricing. The $86,000 level is crucial both psychologically and technically, and dropping below this could invite further downside pressure. From a technical perspective, with no signs of recovery evident yet, traders should remain cautious.