Bitcoin Wallet Takes Hefty Short Position as MACD Prints Death Cross
A fresh wallet has taken out a substantial short position on Bitcoin (BTC), depositing $4 million in USDC to back the bet. The position, which is set at 30x leverage on 300 BTC worth approximately $23.76 million, sets its liquidation price at $90,820.04. This comes as Bitcoin trades within its Bollinger band, with resistance at $80,438.02 and support at $77,994.83.
The price action suggests a bullish trend for BTC, sitting above the EMA50 at $76,752.9 and EMA200 at $69,718.56. However, the MACD has printed a death cross, hinting at near-term exhaustion that could test the 50-EMA support before any continuation.
Traders are weighing whether this leverage bet foreshadows a crypto market crash or simply profit-taking ahead of the next leg higher. The move has sparked debate among traders tracking BTC price prediction models.