Bitcoin Gambler Faces $46 Million Liquidation, But Price Could Turn Before It Happens
A whale's $46 million Bitcoin short position on Hyperliquid faces liquidation near $71,712, potentially causing a short squeeze or further price drops based on on-chain signals.Summary
Bitcoin is trading around $71,063 within an ascending channel, but a major whale faces liquidation on a $46 million short position on Hyperliquid if the price hits $71,712. This forced closure could trigger a short squeeze pushing the price toward $74,000.
On-chain indicators present mixed signals. A recent sharp increase in addresses holding over 1,000 BTC (whales) historically precedes meaningful corrections, suggesting caution. Furthermore, a spike in Coin Days Destroyed (CDD) indicates that long-dormant Bitcoin is moving, which could signal distribution from long-term holders if these coins hit exchanges, adding selling pressure.
The technical outlook shows BTC consolidating between support at $68,865 and resistance near $75,851. While the liquidation could cause an upward spike, the overall structure suggests a potential bearish outcome, as an ascending wedge pattern projects a possible -16.07% drop targeting $57,497 if the lower support breaks.
(Source：BeInCrypto)