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Bitcoin dropped back toward its lowest levels in several weeks after a rebound fizzled at $116,000, while an infamous whale stayed short BTC.
Key points:
Bitcoin gives up on its bull-market rebound as sellers stay firmly in control.
The infamous Bitcoin whale, who shorted BTC last week, continues to add to its BTC price downside bet.
$107,000 is slowly emerging as a potential near-term target.
Bitcoin (BTC) fell back to multi-week lows after Tuesday’s Wall Street open as traders advised a low-risk approach.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBitcoin whale stays short BTC with $500 million
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping over 3% to retest $110,000.
Amid fresh volatility, Bitcoin tested hodlers’ nerves for a second time in several days as suspicions of market manipulation continued to swirl.
“Puke from the US market open led to another sweep of $110K which is still seeing passive buying & a bit more absorption of market selling,” trader Skew wrote in his latest post on X.
“In perps we have shorts from earlier in the day taking profits.”
BTC/USDT five-minute chart with market data. Source: Skew/XAttention stayed focused on the actions of a crypto whale who shorted the market just before Friday’s $20 billion liquidation cascade.
On Tuesday, their BTC short with 10x leverage was worth nearly half a billion dollars.
The infamous Hyperliquid whale is back.
Last time
he shorted $700M BTC + $350M ETH, pocketing nearly $200M during the crash.
This time
he’s opened a $494M Bitcoin short at 10x leverage.
Entry: $115,288
Current price: $112,600
Unrealized profit: +$11.8M and climbing.
Other risk assets also struggled on the day, with US stocks opening down and gold dropping from its latest all-time high of nearly $4,180 per ounce.
Continuing, trader Roman told X followers to avoid overexposure amid weak market structure on the way to $108,000.
“Now we have a potential DB reversal with volume dropping on major support,” he wrote alongside a low-timeframe price chart.
“My only issue is part of me believes we fill that wick from our liquidation cascade. I’d take low risk here.”
BTC/USD four-hour chart. Source: Roman/X$107,000 coming next?
Taking proprietary data into account, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, had lower levels in mind.
Related: $120K or end of bull market? 5 things to know in Bitcoin this week
“$BTC is pushing down for a 4th support test at $109k, but I’m not convinced it will hold,” an X post admitted.
“Technical support is stronger where the 200-Day SMA has confluence with the Q4/2025 Timescape Level at $107,100. If bulls lose that level, the yearly open could come into focus.”
BTC/USD one-day chart. Source: Keith Alan/XBitcoin’s yearly open lies just below $93,500, and has formed a key level since.
Earlier, Cointelegraph reported on various key support trendlines in play, including moving averages and the aggregate cost basis for short-term holders.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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