0x66f8 Closes Massive BTC Short, Flips to 40x Long Position
Blockchain.News reported that an entity known as 0x66f8 closed its largest on-chain Bitcoin (BTC) short position of 2136 BTC, worth approximately $136 million. This move resulted in a substantial profit of $1.65 million before the entity flipped to a 40x long position on 200.82 BTC valued at $12.74 million.
The price of BTC currently sits at $63,529.4 within Bollinger Bands, with upper resistance at $64,309.69 and lower support at $63,124.97. Meanwhile, the EMA50 is at $64,062.74, and the EMA200 is at $63,721.11, indicating a bearish structure.
However, the Relative Strength Index (RSI) stands at 42.69, which is neutral yet doesn't suggest any immediate trend reversal. The Moving Average Convergence Divergence (MACD) golden cross at -256.51 signals building momentum that could propel BTC towards upper band resistance before a potential retracement to EMA50 confluence.