Bitcoin may drop below $100,000 after breaking key support as a major whale opens a $234 million short.
- Bitcoin broke down from a bear flag, signaling possible lower prices.
- An anonymous whale moved over 5,200 BTC to exchanges and opened a large short position.
- The account is linked to the former CEO of the defunct BitForex exchange.
Bitcoin Breaks Support, Bear Flag Suggests Decline
Bitcoin recently dropped below a key support level on its 4-hour chart. This pattern is part of a bear flag, which often signals a further drop. If the decline continues, Bitcoin could fall near $98,000. This price aligns with the mid-June low.
Bitcoin is also trading below its 20 and 50-period exponential moving averages (EMAs). These EMAs are now at the $109,000–$110,000 mark. If Bitcoin can’t climb back above them, it may confirm the bearish trend.
Whale Transfers $588 Million in BTC to Major Exchanges
A well-known whale has again made headlines. This entity shifted 5,252 BTC, worth about $588 million, to popular exchanges like Binance, Kraken, and Coinbase. These large transfers often suggest a plan to sell or protect existing positions.
At the same time, the same wallet opened a new $234 million short position using the Hyperliquid trading platform. This position was created near the $111,190 price level. The whale already has $6.7 million in profit from the trade, showing confidence that prices may fall further.
Who Is Behind These Moves?
The identity of the whale is not officially known, but some believe it is linked to Garrett Jin. Jin is the former CEO of BitForex, a crypto exchange that shut down earlier this year. His wallet has been linked to several suspicious trades and short positions through blockchain analysis.
Jin once admitted the link in deleted social media posts, but later said the wallet belongs to clients, not him. Some analysts say the evidence is not strong enough to confirm the identity, warning that it may be a distraction from real market risks.
Source: cointelegraph.com
