Analyst Ali said Bitcoin recently failed to break above $87,000, with whales taking profits and selling more than 30,000 BTC during the move. According to Odaily, he said $87,000 has also been the upper end of the price channel that has constrained BTC for more than two weeks.

Ali said traders should watch the lower end of the channel near $82,500 in the short term. He added that if BTC falls to that level and whales begin accumulating again, he would view it as a confirmation signal to buy the dip, with the next rebound target at $87,000.