Since March 2nd, Bitcoin prices have been in free fall. Many holders have lifted the world's most valuable coins above the $100,000 level and even the highest ever height, assuming the $94,000 spike to spark demand.
While we cannot discount this possibility, current price action has shifted significantly in favor of bears. Utilizing this bearish emotion is a whale that is actively short-circuiting at a major turning point.
According to Lookonchain, the whales are currently taking on money from their activities, raising more than $7 million in profits at the spot rate. As whales stack up shorter positions, addresses will bet on perhaps even $70,000 over the next few days.
Discover: Buy Now 12+ Hottest Crypto Precels
Bitcoin Zilla is proactively shorted
According to LookonChain, the traders began shorting on February 22nd, posting their short positions on the mark of around $96,500.
A few days later, the price crashed violently and sank to $78,000. It was at the $78,900 level that the whales left the short and booked a large profit.
https://twitter.com/lookonchain/status/1898911091029409835
When President Donald Trump announced the establishment of a crypto sanctuary, prices skyrocketed, focusing on: Buy Now the hottest ciphers will be in advance. At one point, the world's most precious coins were spiked to over $94,300.
Analysts noted that the whale placed another short position between $92,449 and $92,636. Its commercial orders range from $70,475 to $74,192.
If the trader's prognosis is as successful as his past position, it is likely that Bitcoin will be reduced to $70,000 with the continued formation of bear trends based on this whale conviction.
Currently, technical candlestick arrangements are supporting sellers.
From the daily charts, Bitcoin has $80,000 in support. BTC has moved sideways for most of last week, but weekend moves suggest that sellers have an advantage.
This outlook changes if Bitcoin falls below $96,000 and $100,000 at the top. If this happens, billions could flow to Top 20 ciphers to explode in 2025.
On the back, if a buyer loses $80,000, the seller doubles, so the coin can easily slide to $70,000.
Discover: 9+ Best High Risk, High Reward Crypto Buy in March 2025
Do traders buy dip? Diamond Hands are slowing down sales
Whales are actively selling and bet on prices to lower prices, while others are hoping to brighten up and recover prices.
Analysts at Lookochain observe that one trader has a long BTC position in hyperliquid, spending $1.14 million at USDC. Meanwhile, another trader spent $4 million, stacking several purchase-limited orders between $76,000 and $79,000.
https://twitter.com/lookonchain/status/1898905369755443661
This suggests that BTC is weak, but among key players, the price is optimistic that it shakes this weakness and bounces back strongly.
Confidence can come from data on the chain.
Cryptoquant data shared by X analysts shows that a 30-day net position change for long-term holders indicates that 1715 million BTC has been sold from the $60,000 level.
https://twitter.com/axeladlerjr/status/1898729875852136533
The good news is that this distribution has largely ended, and reading returns to neutral levels, and the holder's relief.
While this was being played, active sales from the same cohort have subsided. The monthly average drops from 3.8% to 1.4%. The drop shows that sales pressure from the hands of diamonds is declining, and is a relief for holders.
https://twitter.com/axeladlerjr/status/1898724995750043733
Based on past events, prices tend to stabilize and even higher whenever long-term holders suspend sales on major exchanges such as Binance.
key_takeaways_list]
The whales are actively short-circuiting. Get a profit of about $70,000
Despite the weaknesses of the market, traders and investors are confident
[/key_takeaways_list]
[/key_takeaways]
The post is Bitcoin preparing for another dip, but will this time be $70,000? This whale is very short, first appearing in 99bitcoins.
