Bitcoin (BTC) is under pressure as large traders on Hyperliquid shift to bearish bets, while a weekly close below the 50-week moving average (MA) raises concerns about further declines. On-chain data from Glassnode reveals a notable change in whale positioning, adding to a cautious technical outlook. BTC traded near $74,704 on Bitstamp, down about 1.45%, after closing the week around $74,968, below the 50-week MA, which ranged between $75,200 and $75,500. This marks the first weekly close below the indicator in roughly two months.
Glassnode's data shows that Hyperliquid whales have flipped their net positioning from long to short two weeks ago, ending a seven-month bullish streak. Short exposure has now reached its highest level since October 2025, historically coinciding with significant price declines. The shift aligns with Bitcoin's failure to hold above the 50-week MA, suggesting large traders are adopting a more defensive stance.
Bitcoin's technical indicators also signal broad selling pressure. TradingView's summary gives BTC an overall Sell rating, with 12 Sell signals from moving averages and mixed readings from oscillators. The Relative Strength Index (RSI) stands at 36, while the Stochastic indicator has fallen to 14, indicating stretched downside momentum. Key support levels are identified near $73,300, $73,150, with potential downside targets around $69,227 and the broader $60,000 region.
On the upside, resistance levels are noted between $76,500 and $78,500, followed by a stronger cluster around $79,200, $80,274. A recovery above the 50-week MA would weaken the bearish signal, while another weekly close below it could intensify selling pressure. For now, the market remains cautious, with Glassnode's derivatives data and the moving-average breakdown pointing to continued downside risks.