Key Points:
BTC is fluctuating around $114,000, with a whale expecting its price to decline further.
The price is putting pressure on short-term holders, whose cost basis is just below $114,000.
Key moving averages are seen as important support levels.
BTC struggled to maintain its rebound momentum at the Wall Street open on Monday, as a controversial whale further increased its bet on a decline in BTC prices.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD retreated from an intraday high of $116,000.
The trading pair quickly filled the upward "gap" in the CME Group's BTC futures market, subsequently falling below the daily opening price.
$BTC CME Gap has now been closed ✅ https://t.co/Cd6fq3Na1A pic.twitter.com/OWy2aa1bb6
Comments from the U.S. government regarding potential measures to avoid a significant escalation of tariffs in U.S.-China trade failed to impact market trends.
Treasury Secretary Scott Bessent announced that he would hold "working-level" talks with China later this week.
Morgan Stanley analysts noted in a report that day: "We believe this is a tactical escalation (from Beijing) aimed at setting the tone for negotiations ahead of the summit, rather than a strategic decoupling." This report was cited by several media outlets, including Reuters.
As traders await market cues, attention is focused on an unidentified BTC whale who shorted before the Chinese news was released, profiting from a $20 billion liquidation event on Friday.
On Monday, this entity increased its short position, which was worth 3,500 BTC at the time of writing, with a liquidation price of around $120,000.
Cryptocurrency analyst and entrepreneur Ted Pillows responded on the X platform: "As I said yesterday, he might want to lose money or get liquidated so that people don't think he has insider information."
Commentator Max Keiser suggested that this involves misconduct, claiming: "Banks are lending (i.e., printing) billions to fund uncollateralized BTC shorts."
He added: "This will not succeed."
BTC price movements continue to fluctuate around a key support line, which is formed by the cumulative cost basis of short-term holders (STHs).
As reported by Cointelegraph, STH wallets that have held for no more than six months play an important safety net role during bull market pullbacks.
On-chain analysis platform Glassnode shows that as of Sunday, the STH cost basis has reached $113,861.
Stay tuned, as on-chain analysis platform CryptoQuant has identified three important trend lines to watch: the 30-day, 90-day, and 200-day simple moving averages (SMAs).
In a "Quicktake" analysis article published that day, contributor Arab Chain pointed out:
Related: Data shows Bitcoin (BTC) can drop 13% in 8 hours and still be fine
This article is for general reference only and should not be considered legal or investment advice, nor should it be construed as such.
Original article: “Bitcoin Whale Reveals 3.5K BTC Short: Watch Next Key Support Level”
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