Bitcoin (Bitcoin) It fell below the $33,000 support level on Thursday because the credible trading range is at risk of failure.
Trader: Next, retest $31,000 for BTC
This move came after Bitcoin’s retracement from around $35,000 overnight, Bitcoin failed to break through key resistance.
With this, it is possible for Bitcoin to invalidate a Bullish scenario, Which involves it entering the next phase of Wyckoff’s distribution, and may exit the upside-about $39,000.
“I lost a range of $33,000, and my goal was $31-31,400,” popular trader Michaël van de Poppe caveat Just before the start of the decline.
At the time of writing, volatility still means that it is possible to rise back into this range, with BTC/USD hovering around $32,500 after Bitstamp’s local low of $32,490.
Bitfinex shorts soar 160% in a few hours
The latest price action came several hours after the emergence of new selling pressure, partly due to an unknown whale trying to short with more than 5,000 BTC.
As famous According to reporter Colin Wu, Thursday witnessed short positions in the major exchange Bitfinex.
A mysterious Bitfinex user began to enter a short position with a stack of at least 5,219 BTC, valued at US$173 million at the level of US$33,000.
“According to datamish data, from 13:00 Beijing time, some accounts (or institutions) have borrowed bitcoin to short Bitfinex,” Wu reported.
“As of 15:03, he had borrowed a total of 5219 BTC, and this number is still growing. Most short positions are unhedged.”
At the time of writing, Bitfinex’s total short positions increased by 160% in approximately two hours.
Bitfinex’s shorts and longs are roughly balanced, but Bybt’s data is still the same display.
The shortage of whales is nothing new. As Cointelegraph Report, In June, trader behavior also fluctuated, and Wu focused on Worth 15,000 BTC Prices fell again on June 25, betting on a massive influx. On the second day, BTC/USD retested the $30,000 support level.