Short selling pressure returns to the market with a trader eyeing a retest of $31,000 as a result of support weakness. Bitcoin (BTC) fell below $33,000 support on July 8 as a trusted trading range risked getting invalidated.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping into the $32,000 range during trading on Thursday. The move followed an overnight retracement from around $35,000, with Bitcoin failing to crack crucial resistance. ith that, Bitcoin risks invalidating a bullish scenario which involves it entering the next stage of a Wyckoff distribution with potential to exit to the upside — around $39,000.
“Losing $33K range and I'm looking at $31-31.4K,” popular trader Michaël van de Poppe warned just before the dip began.
At the time of writing, volatility still meant that a recovery back within the range was possible, with BTC/USD circling $32,500 after local lows of $32,490 on Bitstamp.
The latest price action came hours after fresh selling pressure thanks in part to an unknown whale trying to short it with over 5,000 BTC. As noted by journalist Colin Wu, July 8 had witnessed short positions build up on major exchange Bitfinex. A mystery Bitfinex user began entering short positions with a stack of at least 5,219 BTC, worth $173 million at $33,000 levels.
“According to datamish data, from 13:00 Beijing time, a account (or institution) has borrow bitcoin to short on Bitfinex,” Wu reported. “As of 15:03, he borrowed a total of 5219 BTC, and this number is still growing. Most short positions are non-hedged.”
At the time of writing, total Bitfinex short positions had increased 160% in around two hours. Bitfinex shorts remained roughly balanced with longs, Bybt figures nonetheless showed. The whale shorting is not new. As Cointelegraph reported, June likewise saw fluctuations in trader behavior, with Wu eyeing 15,000 BTC worth of bets flooding in on a fresh price dip on June 25. The next day, BTC/USD saw a fresh retest of $30,000 support.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 75.2% | 54 | $67 879.29 | 2.42% | 2.02% | $1 339 364 524 818 | ||
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Ethereum predictions | 74% | 47 | $3 260.40 | 2.36% | -6.61% | $391 991 973 567 | ||
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Tether predictions | 91.6% | 1 | $1.000085 | 0.02% | -0.06% | $114 338 977 718 | ||
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Solana predictions | 68.4% | 71 | $182.85 | 6.00% | 7.94% | $84 952 035 310 | ||
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Binance Coin predictions | 78% | 41 | $581.08 | 1.82% | -2.13% | $84 795 365 637 | ||
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USD Coin predictions | 94% | 1 | $1.000019 | 0.01% | -0.01% | $34 125 999 215 | ||
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XRP predictions | 58% | 86 | $0.598773 | -1.11% | 3.01% | $33 507 831 491 | ||
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Dogecoin predictions | 71.2% | 55 | $0.134695 | 7.98% | 7.45% | $19 568 487 165 | ||
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Toncoin predictions | 82% | 30 | $6.72 | 1.60% | -7.98% | $16 907 584 322 | ||
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Cardano predictions | 76.8% | 49 | $0.417747 | 5.85% | -4.85% | $14 998 156 955 | ||
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TRON predictions | 86.4% | 18 | $0.137499 | 1.34% | 2.07% | $11 970 793 016 | ||
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Avalanche predictions | 75.6% | 40 | $28.58 | 4.89% | 1.67% | $11 285 074 208 | ||
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Lido stETH predictions | 92.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Wrapped TRON predictions | 92.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
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SHIBA INU predictions | 82.4% | 29 | $0.000017 | 3.77% | -3.14% | $10 090 877 222 |
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