Trader Takes on $6.05M Bitcoin Long with 40x Leverage

A significant Bitcoin trade has taken place on the Hyperliquid platform, where a trader opened a large long position worth $6.05 million at $62,900.9 with 40x leverage.

The trade involves 96.25 BTC and sets liquidation at $59,147.3 from address 0xb1e4fbeb90e32e09346c04a44e3ce466d35ac2db.

Price action on the 4h chart indicates a bearish structure, with the price below both the EMA50 at $63,827.62 and EMA200 at $63,697.16.

The MACD is also negative, printing a death cross at -321.52, while the RSI sits at 39.67 and has pressed against the upper Bollinger band at $64,133.79.