Bitcoin Short Seller Takes On $102M Bet Against Current Market

A new wallet has opened a massive short position on Bitcoin at $64,202, depositing 2.44 million USDC to buy 1,600 BTC at 40x leverage. This move is worth an eye-watering $102.6 million, with the liquidation price pinned at $64,889.

The current price of Bitcoin is $64,030.05, which falls within the Bollinger band. The upper resistance on the 4h chart is at $64,643.76, while the EMA50 and EMA200 act as support beneath the current levels.

The MACD golden cross is a bullish indicator, but the neutral RSI of 54.94 suggests that traders should be cautious. The tight liquidation zone leaves little room for error on the short side, which could accelerate moves towards the upper band if bids hold the 50-EMA.