A major whale address, 0xC50a, has placed a significant bet on Bitcoin’s price action, opening two high-leverage long positions worth $29 million. This move, made at an entry price of $111,658, includes a 40x long on 149 BTC, valued at $16.65 million, and a 10x long on 284,501 HYPE tokens, worth $12.49 million. Despite the ongoing market volatility, the whale’s actions highlight an increase in confidence, with Bitcoin trading at $111,800, slightly above the entry point.
Currently, the whale’s position shows a slight unrealized loss of $14,600, but the large leverage suggests a bullish outlook. The whale seems to anticipate a short-term breakout, targeting the $112,000-$114,000 resistance zone, where significant short liquidations are expected. Bitcoin’s 200-day moving average, acting as strong support at $108,200, continues to hold steady, providing stability in a volatile market.
Whale’s Position Reflects Growing Optimism in Bitcoin’s Potential
This strategic move follows Bitcoin’s recovery from a sharp correction earlier this month. The price structure remains weak yet improving, and the recent stabilization suggests that Bitcoin may experience further upside potential. With the RSI sitting at 48, there is room for growth before the market becomes overbought, leaving room for a potential rally.
Key resistance levels lie around $112,400 and $114,100, where the 50-day and 100-day moving averages are positioned. A break above these levels could trigger a sharp rally, potentially pushing Bitcoin toward the $118,000-$120,000 range. Due to the whale’s sizable position and high leverage, even small price movements could cause major liquidations.
This move, taken amid market consolidation, signals increasing confidence from larger investors. As Bitcoin holds above $110,000, the market could be preparing for a new phase of volatility. With the whale’s actions acting as a lead indicator, the market may be setting up for a new leg of recovery.