Crypto
Bitcoin Whale Unloads $70M Short Position Amid Bearish Trend
A large Bitcoin holder, identified as wallet 0x8c96, has opened a significant short position worth $70.41 million at a price of $64,487.
According to on-chain data, this whale has sold 1,100 BTC, resulting in an unrealized profit of approximately $650,000 with liquidation at $66,305.
The 4-hour chart shows a bearish trend structure, with the Bollinger Bands indicating that price action is within its normal range.
However, the lower support at $63,898.09 serves as an immediate floor, while the EMA50 at $64,477.8 acts as resistance and caps any potential rebound.