- The Bitcoin price may face renewed selling pressure at $80,000 amid inverted flag formation.
- ETF investors and short-term whales approach their cost basis around $76-80K level, signalling a major level for pivot for BTC.
- The Long/Short ratio stands at 1.13, indicating more accounts are positioned bullishly.
The original cryptocurrency, Bitcoin, is up 3.2% during Wednesday’s U.S. market hours to trade at $78,784. A primary catalyst for this surge was geopolitical de-escalation after president Donald Trump extended the U.S.-Iran ceasefire. A powerful short squeeze amplified these gains and pushed Bitcoin price for a key breakout from a classic bearish pattern. However, the derivative market data shows that large investors are building a short position against the retail long-buyers, signaling risk of potential drawdown in price.
BTC Hits Key Crossroads as Whales Tilt Bearish
Over the past three weeks, the Read Entire Article
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