Bitcoin Whale Goes Big with $12.75M Long Position
A large Bitcoin investor has opened a significant long position in the market, placing 200.8 BTC on the line with 40x leverage.
The trade is valued at $12.75M and has a liquidation price of $55,380, indicating that if the price falls below this level, the trader will be forced to close the position.
This move comes after the same investor booked profits of $1.95M over the prior 30 days, suggesting a degree of confidence in the market's trajectory.
From a technical perspective, Bitcoin is currently trading within its Bollinger Bands on the 4h chart, with an upper resistance level at $64344.12 and lower support at $63136.81.
The Moving Averages (MA) are bearish, with the EMA50 at $64083.25 and EMA200 at $63719.32, while the Relative Strength Index (RSI) is currently at 41.03, leaving room for further price drops before any potential relief rally.