Bitcoin price fell below the critical $33,000 support level as Bitfinex short jumped over 5,000 BTC

Bitcoin (Bitcoin) It fell below the $33,000 support level on Thursday because the credible trading range is at risk of failure.

BTC/USD 1-minute candlestick chart (Bitstamp). Source: TradingView

Trader: Next, retest $31,000 for BTC

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell to the $32,000 range in Thursday’s trading.

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.

The BTC/USD scenario chart as of July 8. Source: Michaël van de Poppe/Twitter

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.

related: The data fails to conclude that Bitfinex bears are pushing down the price of Bitcoin

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 BTC short position (blue) and BTC price (orange). Source: TradingView

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.