Bitcoin Whales Bet Big on Rebound as Market Remains Bearish

Bitcoin's price has been stuck in a narrow trading range between $62k and $63k since being rejected at $65,409 four days ago.

Despite this lack of movement, some traders are taking on high-risk, leveraged positions in the hopes of a major price rebound.

Two whale wallets have opened long positions totaling 1,364 BTC worth $86.2 million, with one wallet having already seen a loss of over $714k due to Bitcoin's slight drop in value.

However, these optimistic bets are not shared by the wider market, which remains bearish and has seen a decline in speculative demand.