40x Bitcoin Long Spotted in the Wild: Someone Expects $120,000?

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News What's up with Bitcoin? Foundation behind rally Advertisement The recent entry of two high-leverage long positions totaling $29 million by a major whale address 0xC50a indicates that market confidence is increasing despite persistent volatility. At an entry price of $111,658, the whale initiated a 40x long on 149 BTC , which is worth $16.65 million, and a 10x long on 284,501 HYPE tokens, which are worth $12.49 million. What's up with Bitcoin? The price of Bitcoin is currently trading close to $111,800, which is just above the whale's entry point. This move coincides with a weak but improving price structure. The position is currently slightly negative (-$14,600 unrealized PnL), but the aggressive leverage indicates that 0xC50a anticipates a short-term breakout above $112,000-$114,000, a resistance zone that is home to a large number of short liquidations. The 200-day moving average or black line has served as a powerful dynamic support for multiple sessions, and Bitcoin is still holding steady above it on the daily chart at $108,200. BTC/USDT Chart by TradingView Following the steep correction earlier this month, the recovery from that level indicates a resurgence of buyer interest. There is still potential for a more robust upward push before Bitcoin becomes overbought, according to the RSI at 48, which indicates neutral momentum. At approximately $112,400 and $114,100, the 50-day and 100-day moving averages continue to be significant short-term obstacles. HOT Stories Morning Crypto Report: Why Is XRP Price Up Today? Ripple CEO and President Defy Retail Fear, Cardano at Risk of 20% Death Cross Crash New CFTC Chair Nominee Is XRP Supporter Bitcoin Core Drops Four New Security Alerts, What’s at Risk? Ripple CTO Makes Unexpected Interaction With Litecoin on X, XRP Beef Squashed? Foundation behind rally A close above these lines might start a quick rally toward the $118,000-$120,000 range, which has historically caused significant profit-taking. With the size of the whale's position and exposure to leverage, even a slight change in price could result in significant liquidations. The trade is structurally safe unless there is a significant macro shock as the liquidation price for the Bitcoin long is set close to $53,000. Advertisement The fact that this move was made at a time when the market was consolidating indicates that smart money is getting ready for an increase in volatility. The next few sessions may signal the beginning of a new recovery leg if Bitcoin keeps up its momentum above $110,000 with whale activity serving as a leading indicator of rekindled market confidence. #Bitcoin #Bitcoin Price Prediction