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U.Today - Eyes are currently on a mysterious Bitcoin whale holding a massive $400 million short position, with market observers curious to see where it all ends.
U.Today recently reported on a Bitcoin whale who opened a short position of $332 million in Bitcoin with an entry price of $84,040, sparking interest in the crypto market. According to Bitcoin historian Pete Rizzo, the whale, now with $400 million BTC shorts, is "using all available margin" to double down on his short position.
Market observers who tracked the whale’s action since yesterday reported that the whale later increased his Bitcoin short position from $332 million to $400 million (at 40x leverage) at a liquidation price of $86,384.
Shortly after, the whale expanded his Bitcoin short position to nearly 5,000 Bitcoin, or $415 million (still at 40x leverage) at a liquidation price of $86,100, as well as $40 million short ETH (at 25x leverage). He later increased his short positions, totaling 5,608 BTC short, or $464 million, with a liquidation price of $85,842.
In a surprising move, the whale began closing the short position and buying back 500 BTC overnight but then resumed shorting this morning to keep the price below $83,700.
Eyes on Bitcoin price
The aggressive move has caused speculation among crypto participants. Many traders are now wondering whether the whale anticipated a price drop or is simply executing a high-risk strategy. Meanwhile, eyes remain on the Bitcoin price, which is currently facing resistance at the daily SMA 200 at $84,100 after reaching $85,000 in Sunday’s trading session.At press time, Bitcoin is trading marginally down in the last 24 hours, below $83,000 at $82,996.
With Bitcoin’s price hovering around critical levels, the market remains on edge. This week, all eyes will be on the Federal Reserve’s latest policy meeting on Wednesday, when officials will decide whether to lower interest rates. The Fed is widely expected to keep interest rates unchanged, with traders predicting a 99% chance of this happening.