Crypto
On-Chain Data Shows 2,000 BTC Short Dominating Market
0xff84 has taken the top spot in on-chain Bitcoin shorts by adding to their position and now holds the largest on-chain BTC short at a significant 2,000 BTC. This massive short is valued at $125.37M, with unrealized gains of $1.79M. The liquidation price for this short is set at $63,528.92.
The current price action on the 4h chart shows Bitcoin trading at $62,828.68, testing the lower Bollinger Band support at $62,849.48. The EMA50 and EMA200 are acting as resistance overhead at $63,964.81 and $63,705.33 respectively.
The technical indicators are painting a bearish picture, with the MACD death cross at -333.84 and RSI at 32.83 leaving room for further downside before any potential relief rally materializes.