Bitcoin Price Slips Below $63K Amid Whale Short and Weak Derivatives Demand
Bitcoin's price slipped below $63,000 on August 14 as the cryptocurrency traded at an intraday low of $62,667. This decline is attributed to a combination of factors, including spot selling, a whale building a short position worth about $125 million, and weak derivatives demand.
A large trader increased their Bitcoin short to 1,900 BTC, valued at approximately $125 million. The short position was taken with an average entry price of $63,582, resulting in an unrealized profit of around $1.79 million.
The decline broke the psychological barrier of $63,000 and placed Bitcoin just above the lower daily Bollinger Band at $62,507. The 4-hour Supertrend remains bearish, indicating short-term momentum is also unfavorable. Chaikin Money Flow stands at -0.08, suggesting selling volume has outweighed buying volume over the past 20 periods.