Bitcoin Whale's $70M Long Position Nears Liquidation
A large Bitcoin holder has opened a $70 million long position on 911.5 coins at a price of $77,733 yesterday.
The liquidation price for this whale's position is set at $76,308, and the current price is just $400 away from triggering a margin call.
Looking at the technicals, Bitcoin's price action on the 4-hour chart shows that it is currently trading inside the Bollinger Bands at $76,924.27, testing near lower support at $76,740.46.
The Moving Averages are also providing some context: the EMA50 resistance sits at $78,542.18, while the EMA200 provides a deeper floor at $74,106.18.
The MACD death cross confirms bearish momentum, and the RSI is currently at 32.76, indicating that the price may probe the liquidation zone before any relief rally can occur.