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Bitcoin

Bitcoin Large Holders Open Massive Short Position Amid Brief Upward Move

Godspower Owie
by Godspower Owie
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Excitement has swelled in the crypto community following Bitcoin‘s recent upward move to key resistance levels. While the move may have sparked optimism, many investors’ reactions toward BTC were negative as they continued to bet on a sustained decline, creating a bearish outlook for the asset.

Whale Shorting Activity On The Rise

As Bitcoin’s price struggles to break through key resistance levels, a worrying shift has been cited among big investors or whales. Alphractal, an advanced investment and on-chain data platform reveals rising pessimism among these investors as they bet on an extension of the ongoing correction.

Related Reading: Bitcoin Holders Boost Accumulation Amid Waning Price Movemenets, Will It Trigger A Recovery?

BTC recently saw a brief surge to the $87,000 level even as volatility grows in the broader crypto market. However, the upward move was met with strong resistance as whale holders massively opened short positions after the upswing. “Whales Enter Short Positions on Bitcoin as Leverage Increases,” the platform stated.

Despite the brief move to the $87,000 mark, these big investors have chosen to close their long positions and open more shorts. Given the ongoing volatility of the market, this shift has raised questions about BTC’s prospects in the short term.

Whale participation often influences price trajectory, which could cause Bitcoin to continue dropping in the upcoming weeks. However, if buying pressure intensifies at critical support zones and creates a strong defense, BTC may move in an upward direction.

Bitcoin
Whales opening short positions | Source: Alphractal on X

Furthermore, Alphractal points to a rise in market leverage. After examining the Bitcoin Aggregated Open Interest/Market Cap Ratio, the platform noted that the metric is rising again, reflecting growing leverage. According to the platform, this increase in market leverage might set off a fresh round of volatility, resulting in further mass liquidations.

On-chain data have also revealed substantial sell pressure among Bitcoin large investors, triggering concerns about potential downside risks. Leading market intelligence and data analytics platform IntoTheBlock, outlined a decrease in whale balances as the market fluctuates.

Looking at the chart, BTC whales seem to have been trending downward for almost a year. However, data from March suggests a potential reversal as whales now hold about 62,000 more BTC than they did at the beginning of the month, signaling renewed accumulation.

BTC’s Price Trading Within Key Chart Pattern

The renewed accumulation by BTC whales raises the likelihood of a price reversal from the ongoing downtrend. This price reversal could be part of a larger trend as Captain Faibik, a crypto analyst and investor predicts an impending surge to its current all-time high. His prediction is supported by a key chart pattern, particularly the Falling Wedge formation. 

Related Reading: Bitcoin Expanding Again: Holders Just 10,000 Away From New Record

Captain Faibik believes that BTC could consolidate within the key pattern for the next 10 to 15 days before undergoing a huge bullish breakout. When this breakout happens, Bitcoin’s price will rally significantly to the $109,000 mark, reigniting the bull market.

Bitcoin
BTC trading at $84,178 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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