Crypto
Bitcoin Trader Takes Mammoth Short Position via DCA Worth $102.6M
A Bitcoin trader has taken an enormous short position via dollar-cost averaging (DCA), doubling down on a 1,600 BTC short worth $102.6 million at 40x leverage.
The trade was entered near the price of $64,202, with liquidation now set at $65,300 according to on-chain data from @OnchainDataNerd.
The current price action sits inside Bollinger Bands, with an upper resistance level at $65,298.65, while the 50-EMA and 200-EMA are anchored at $64,313.87 and $63,696.87 respectively, indicating a bullish trend.
The MACD golden cross is confirmed at 284.36, suggesting momentum, but the RSI at 63.21 leaves room before overbought territory, potentially triggering a healthy pullback to EMA50 support.