Last week, we saw a violent move to the upside as bitcoin rallied 11% over the course of one day. Since peaking in the upper $ 3,600s, bitcoin has seen close to zero bullish follow-through, and the price has begun to drift downward over the course of the last week:
Figure 1: BTC-USD, Hourly Candles, Downward Drift
Downward-drifting markets like this can often be a sign that distribution is taking place. It represents an overall lack of bullish pressure. And, from the volume profile, we can see that selling pressure has remained constant throughout the week of downward drift: