Bitcoin sees a giant leveraged long liquidate late shorts, but is it enough to spark the BTC price range exit that traders have wanted?
Key points:
Bitcoin seeks to exit its narrow trading range to the upside as short positions get liquidated.
An unknown whale entity reveals a giant leveraged long $BTC position, with the market reacting immediately.
Such moves have been seen on multiple occasions in May and June.
Bitcoin BTC$105,938 took out ask liquidity on June 20 as an unknown trader took out a giant leveraged long $BTC position.
$255 million long puts Bitcoin whale in spotlight
Data from Cointelegraph Markets Pro and #tradingview showed BTC/USD slicing through nearby resistance to hit $106,500, up 1.7% on the day. day.
The move sparked short liquidations — something that commentators had already expected while BTC/USD ranged the day prior.
Monitoring resource CoinGlass showed liquidity being replenished higher up exchange order books.
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Now, attention focused on the sustainability of the uptick. As traders began to note, an unknown entity had suddenly gone long BTC with a $255 million position and 20X leverage.#BTC走势分析
While their motives remained unknown, similar whale trades influenced market trajectory considerably in recent weeks.$BNB
One trader in particular, Hyperliquid’s James Wynn, made headlines on several occasions with large leveraged positions, many of which were closed at a significant loss.#Write2Earn