Bitcoin risks drop toward $100K as ‘insider’ whale moves BTC to exchanges
Cointelegraph
Bitcoin risks testing $100,000 after breaking a bear flag pattern, coinciding with a whale moving $588 million in BTC to exchanges.Summary
Bitcoin (BTC) is showing technical weakness after breaking below a key short-term support level, forming a bear flag pattern on the 4-hour chart that targets a price around $98,000, near the mid-June swing low. This bearish setup is amplified by renewed activity from a notorious whale, allegedly linked to former BitForex CEO Garrett Jin, who transferred 5,252 BTC (worth $588 million) to major exchanges, suggesting intent to sell or hedge. Furthermore, this entity opened a new $234 million short position on Hyperliquid, which is already showing unrealized profit, leading some analysts to suggest the move is intentional manipulation to drive prices down toward their short targets.
(Source：Cointelegraph)