The whale continues to pour money into Bitcoin, most recently Aguila Trades - the leader of the top 500 traders on Bybit.
With a 365-day profit and loss (P&L) of 77.36 million dollars, a return on investment (ROI) of 36.45%, and 187 profitable trading days, this whale's performance speaks for itself.
However, after suffering a loss of 12.47 million dollars from a previous BTC Long position, his next move is even bolder and riskier.
The whale's 20X Long order could affect important thresholds of Bitcoin.
According to data from LookOnChain, this whale decided to reopen a BTC Long position with 20 times leverage, worth 200 million dollars (equivalent to 1,894 BTC) - a risky decision in the context of a volatile market.
The daily ROI chart records moments when the trading strategy performs well. However, strong ROI declines, especially at the beginning of April, indicate that the whale tends to take high risks.
The liquidation of positions with a 100% ROI in April, combined with a more stable trading strategy thereafter, reflects a cautious recovery process.
With high leverage being used once again, if Bitcoin breaks out from the resistance zone, the profits could be substantial. However, if it fails here, the losses will increase further.
Thus, this series of Bitcoin Long orders could help Aguila regain growth momentum or exacerbate recent losses.
The liquidation map shows a danger zone between 103,800 and 104,000 dollars due to about 700 million dollars in Long orders using leverage concentrated in this area.
If BTC returns to this price range, a series of Long liquidations could be triggered, putting Aguila's trade at high risk.
In the opposite direction, Short orders with a total value of nearly 1 billion dollars are concentrated around the 106,500 to 107,000 dollar range. If BTC breaks above this area, a Short Squeeze may occur, providing a significant advantage for high-leverage Long orders like those of Aguila.
However, doubts remain about 'Sunday pump' moves, so the ability of BTC to maintain above 104,000 dollars to continue its upward trend is still uncertain.
The current momentum could create a bullish breakout for the whales if BTC holds above the 106,000 dollar threshold.
If this level cannot be held, the price could drop sharply immediately before having a chance to recover and aim for a new all-time high (ATH).
The MVRV indicator could shape the next target.
According to the MVRV valuation band, the price of Bitcoin is currently at 105,767 dollars, just above the +0.5 sigma threshold of 102,044 dollars.
According to analyst Ali's tweet, if BTC cannot maintain this price range, there is a high possibility of dropping to the median level at 82,570 dollars.
However, if BTC bounces from the 102,000 dollar area and continues its upward trend, the current strategy may prove correct - especially if the price targets the +1 sigma band at 121,519 dollars.
MVRV bands often act as reversal zones. Currently, they indicate a narrow range where BTC's next move could be decisive - either confirming Aguila's bold entry or pushing him into another painful 'restructuring'.