Key Points:
The rising wedge pattern of Bitcoin indicates that if the key support level is lost, the price may drop to $74,000.
A new whale has bet $140 million on a short position in Bitcoin.
The technical pattern of Bitcoin shows that as whales continue to increase short positions, the price may further retrace to $74,000.
The weekly chart shows that the BTC/USD trading pair is operating within a rising wedge range, with the price testing the support level of the lower trend line of this pattern, located at $110,000.
If the weekly closing price falls below this level, Bitcoin may further decline, targeting the wedge's downside target of $74,000, which represents a 34% retracement from the current price. This price level also aligns with the previous high in March 2024.
As shown in the chart, the bearish logic for Bitcoin is supported by an increasingly apparent bullish divergence between its price and the Relative Strength Index (RSI).
Analyst Captain Faibik points out that Bitcoin's continued oscillation within the trend line of this pattern indicates that "the Bitcoin bull market is about to end."
The analyst added in a post on the X platform on Wednesday:
Veteran trader Peter Brandt stated that Bitcoin may experience a "significant correction" before returning to its historical high of $126,000.
According to Cointelegraph, multiple technical and on-chain indicators suggest that if the price cannot hold the $110,000 support level, the BTC/USD trading pair could potentially drop to $74,000 in the worst-case scenario.
As market expectations for a deeper correction increase, Bitcoin bears are further ramping up their short positions.
Lookonchain data shows that a whale on the Hyperliquid platform established a $140 million short position with 5x leverage, with a liquidation price of $137,700.
Another whale, 0xc2a3, just opened a 5x short on 1,240 $BTC ($140M) on #Hyperliquid. Liquidation price: $137,700 https://t.co/9PPQWCKRHj pic.twitter.com/3yLHGDKMAi
This is not the only whale betting on Bitcoin's decline. On Tuesday, another whale that shorted Bitcoin last week further increased their position, establishing a $500 million downward position with 10x leverage.
Meanwhile, on-chain data shows that the Net Unrealized Profit/Loss (NUPL) has shifted from "optimistic" to "euphoric," a trend that has historically indicated market tops.
Related: Opinion: The Maturity of Cryptocurrency Requires Systematic Discipline, Not Speculation
Original: “Bitcoin to $74,000? Hyperliquid Whale Opens New 1,240 BTC Short”
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