Bitcoin Price Slips Below $63K as Whale Builds $125M Short
Bitcoin's price has fallen to an intraday low of $62,667 on August 14, down 2% from its previous high of $63,895. The decline was driven by spot selling, a $125 million short position held by a whale, and weak derivatives demand.
The price action indicates seller control, with the daily Bollinger Band midpoint now standing at $63,992. Trading below this level puts the immediate advantage with sellers, while the upper band at $65,476 defines the next major resistance area if buyers recover.
A large trader added 258 BTC to an existing short position, lifting the trade to 1,900 BTC with an average entry price of $63,582. This position is worth about $125 million and carried an unrealized profit of approximately $1.79 million at the time of the update.