Bitcoin continues to struggle under bearish pressure following last Friday’s sharp market drop, with traders still reeling from one of the most volatile weeks in months. While BTC battles to hold above the $105K–$106K zone, gold has surged to new all-time highs, signaling growing uncertainty in global markets. This divergence between traditional safe havens and risk assets has left investors questioning what the macro signal truly implies — whether it’s a sign of deeper economic fragility or a temporary rotation of capital.
Amid this cautious environment, an intriguing move by a well-known whale has caught market attention. The trader — famous for shorting both BTC and ETH during last week’s crash on Hyperliquid — is now flipping long, opening massive leveraged positions on the same assets he profited from shorting.
At present, the whale’s positions amount to 1,260 BTC (≈$132.5 million) and 19,894 ETH (≈$74.4 million). These are some of the largest open positions on Hyperliquid, drawing intense scrutiny from traders and analysts alike. Some speculate that his aggressive accumulation indicates insider confidence or a strategic long-term view, while others warn it may simply reflect overleveraged optimism amid deteriorating market structure.
Meanwhile, Bitcoin’s price continues to drift toward range lows, hovering just above $105K, where short-term holder realized prices and major moving averages converge. The sustained selling pressure across exchanges and persistent bearish sentiment suggest that the market has yet to find a solid floor.
Still, the whale’s behavior has introduced renewed debate about whether smart money is positioning early ahead of a recovery or misjudging a still-fragile market. If his conviction proves right and BTC stabilizes, this could mark a key accumulation phase before the next leg up. But if not, the losses could deepen further — reaffirming just how volatile and unpredictable Bitcoin’s macro landscape remains.
Bitcoin’s weekly chart reveals a decisive shift in momentum, with price closing near $105,800 after a steep -8% decline for the week. The correction has erased multiple weeks of gains, pushing BTC dangerously close to the 50-week moving average (MA50), currently around $101,700 — a level that has historically acted as a strong support during mid-cycle consolidations.
What stands out most in this chart is the sharp increase in trading volume, the highest since late 2023, confirming that the latest sell-off has been driven by significant market participation. The large red volume bar indicates broad capitulation among short-term holders, aligning with on-chain data showing increased realized losses and elevated selling pressure across exchanges.
If Bitcoin manages to hold above the $103K–$106K range and defend the MA50, the structure could remain within a broader bullish continuation pattern. However, a confirmed weekly close below this support would likely trigger a deeper retracement toward $100K or even $97K, where the 100-week MA currently lies.
Featured image from ChatGPT, chart from TradingView.com
