Bitcoin (BTC) has experienced a 6% decline over the past eight days following its recent all-time high, and recent technical indicators are pointing to increasing uncertainty in the market. Although whale activity had temporarily decreased, it has begun to recover, indicating that some major holders might be resuming accumulation.

Bearish signals continue to accumulate, with the Ichimoku Cloud displaying signs of weakness and BTC trading beneath crucial support levels. As the price hovers just above $104,584, the possibility of another death cross and further downside remains unless bulls can regain momentum above resistance.

The number of Bitcoin whales—addresses holding between 1,000 and 10,000 BTC—has marginally increased to 2,006 after dropping to 2,002 earlier this week. This slight decrease followed a more significant drop from 2,021 on May 25, representing a noticeable short-term reduction in large holders. However, the recent recovery suggests that some whales may be returning to accumulation.

Such fluctuations, though minor, are closely watched as they frequently foreshadow shifts in market sentiment or price movements. Monitoring whale behavior is vital because of their substantial impact on Bitcoin's liquidity and volatility. A decline in whale numbers can signify profit-taking or distribution, often warning of caution or a potential market cooldown.

Conversely, a stabilization or increase—such as the one observed now—can alleviate investor concerns and support price resilience at higher levels. The recovery of large holders after a sharp drop may signal renewed confidence among key participants, reducing the immediate risk of heavy selling pressure and assisting Bitcoin in maintaining its current range.

The Ichimoku Cloud chart for Bitcoin indicates a short-term bearish structure. The price action is currently located beneath the Kumo (cloud), which is shaded in green and red, showing that Bitcoin is trading in a zone of weakness compared to historical and projected momentum. The upcoming cloud is red, implying that the trend bias for the near future remains bearish unless a reversal breaks through the upper boundary.

The Tenkan-sen (blue line) is below the Kijun-sen (red line), confirming short-term downward momentum. Both lines are sloping downward, another bearish indicator. The Chikou Span (green lagging line) is below both the price and the cloud, reinforcing that current momentum lacks bullish confirmation.

The future cloud also narrows, which might hint at a potential equilibrium or a consolidation zone ahead. For now, the Ichimoku components align with a bearish outlook. A bullish shift would require the price to break above the cloud and flip the future Kumo from red to green.

Bitcoin's price recently formed a death cross, and technical indicators suggest another one could be on the horizon. The price is currently trading just above critical support at $104,584, which has served as a short-term floor. If this support fails, the next downside targets are at $102,135 and potentially as low as $100,694 if the selling pressure intensifies.

The occurrence of consecutive death crosses, combined with weakening price action near these levels, increases the likelihood of a deeper correction in the short term. On the bullish side, if Bitcoin can stage a recovery and establish strong momentum, it may retest resistance at $106,726. A breakout above this level could trigger a sharper move toward $110,728, with a further upside potential of reaching $112,000 if the rally accelerates.

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