Key Points:
As U.S. trade tariffs dominate market sentiment, Bitcoin is moving further away from its latest historical high.
Traders remain calm, believing that Bitcoin's price movement can test lower levels while maintaining a bullish trend.
Hyperliquid trader James Wynn turned bearish on Bitcoin after closing a long position worth $1.25 billion.
Bitcoin failed to maintain above $108,000 in the weekly close on May 25, with price movements struggling to shake off new concerns over the U.S. trade war.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD continues to hover near recent lows.
A sharp drop followed U.S. President Trump's comments about imposing a 50% tariff on EU goods, with the cryptocurrency market feeling immediate pressure; $112,000 remains Bitcoin's latest historical high.
Subsequent events involving specific tech giant commodities continued to have an impact, leading market participants to complain about Trump's control over market volatility.
Source: Truth Social
"Another round of bluster from the 'master of market manipulation,'" wrote Keith Alan, co-founder of trading resource platform Material Indicators, in response on the X platform.
However, Alan brought positive news for Bitcoin bulls, believing there is more room for price to retest support levels without damaging the overall uptrend.
"The macro trend line and two key moving averages on the Bitcoin daily chart currently converge with the annual opening price," he noted, referring to the BTC/USD opening level of approximately $93,500 in 2025. "As long as Bitcoin trades above this area, the bullish trend remains intact."
BTC/USD 1-Day Chart. Source: Keith Alan/X
Well-known trader Crypto Tony holds a similar view, stating that a drop of $4,000 by the end of the week would still be acceptable.
$BTC / $USD - Update A close above $108,000 this week would be perfect, but a close above $104,000 is equally as ok as we clear the resistance zone pic.twitter.com/f1jYRouinj
Trader Merlijn noted a new "gap" in CME Group Bitcoin futures, which is typical of short-term Bitcoin price magnets.
"Bitcoin just left a new CME gap at $107,230," he pointed out that day. "These gaps typically do not remain open for long. Prices are expected to return to fill this gap. Keep an eye on this price level."
BTC/USD 1-Hour Chart. Source: Merlijn The Trader/X
In a move that quickly caught the attention of market observers, a large trader suddenly flipped their Bitcoin position to short over the weekend.
According to Cointelegraph, Hyperliquid trader James Wynn had previously opened a long position of $125 million but began to incur losses amid Trump-related market volatility.
Research firm Lookonchain noted that Wynn not only closed his long position but also replaced it with a new short position worth approximately $110 million.
er @JamesWynnReal has flipped bearish on $BTC, switching from long to short. He opened a $BTC short position of 1,038.7 $BTC ($111.8M) at $107,711.1 an hour ago, with a liquidation price of $149,100. https://t.co/BMeuztgBNE pic.twitter.com/uLypq5kLTj
"For a weekend with low liquidity and volatile markets, this is quite a significant trading activity," trader Daan Crypto Trades commented on this shift on the X platform.
Related: Bitcoin (BTC) maintains key support levels, HYPE, Monero (XMR), AAVE, WLD lead altcoin rally
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) trader swaps $1.25B long for short as BTC price drops below $108K”
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