Bitcoin News Today: Bitcoin Whale Boosts $86M Long Position Amid $120K Price Target

A major Bitcoin whale has significantly increased its long position on the Hyperliquid platform to $86 million, signaling strong confidence in the cryptocurrency’s potential to breach the $120,000 psychological level [1]. The whale, identified as 0xab15 by blockchain analytics firm LookIntoChain, holds 752 BTC long contracts with an unrealized profit of $774,000. This strategic move indicates a bullish outlook on Bitcoin’s near-term performance and a belief in its ability to stabilize and rebound after recent volatility [1].

Bitcoin has experienced sharp price swings in the past week, testing key levels around $118,000 and $119,000. The price reached a weekly high of $119,788 on July 28, followed by a deep correction to $116,000 on July 31. This "high-level oscillation + double kill drop" pattern suggests growing pressure at elevated levels and a potential shift in market momentum [2]. The whale’s decision to increase its long position appears to be a direct response to this volatility, betting on Bitcoin’s capacity to consolidate and break out to new highs [1].

At the same time, data shows that large holders (wallets with over 1,000 BTC) have been reducing their holdings as Bitcoin approached $118,000, possibly due to profit-taking. Meanwhile, inflows to crypto exchanges have increased, raising questions about whether this reflects capital seeking short-term safety or speculative activity [2]. These trends highlight the mixed sentiment in the market and underscore the importance of key price levels in determining Bitcoin’s next move.

Despite the bearish undertones, the whale’s position reflects a more optimistic view of Bitcoin’s medium-term prospects. Large investors often act based on deep macroeconomic and technical analysis, and this move suggests that some market participants remain convinced Bitcoin will overcome current resistance levels and continue its upward trajectory [1]. The whale’s target price of $120,000, a historically significant threshold, is seen as a potential catalyst for renewed buying pressure from both retail and institutional investors.

Technical indicators also reflect mixed signals. The RSI has fallen into oversold territory, with a reading of 27.573 as of August 1, suggesting possible stabilization or a short-term rebound. However, the moving average indicators show a bearish death cross, with Bitcoin trading below both its 5-day and 20-day averages. If the price continues to consolidate below $118,000 and breaks the 50-day average, it could lead to further downward pressure [2].

The MACD remains in bearish divergence, with the histogram expanding in negative territory, reinforcing the bearish momentum. For a reversal to occur, the MACD would need to contract and eventually cross into positive territory. Until that happens, the risk of continued downside remains significant, particularly if Bitcoin fails to hold above $115,000, a level that has repeatedly acted as support [2].

In the derivatives market, investor interest has shifted to Ethereum, with Ethereum futures open interest reaching nearly 40% of the total, a level not seen since April 2023. This indicates a broader diversification of exposure in the crypto market, with investors showing increased activity in Ethereum and altcoin derivatives [2]. However, Bitcoin remains a central asset, and the whale’s position could influence the direction of the overall market in the coming weeks.

The whale’s $86 million long position reinforces the belief that Bitcoin will eventually overcome current challenges and continue its upward trend. If the $120,000 level is reached and held, it could validate the whale’s strategy and encourage additional buying from other large investors, potentially reinforcing the bullish momentum. For now, the market remains in a state of high-level oscillation with a bearish bias, and the success or failure of this whale’s position could serve as a key indicator of the next major shift in Bitcoin’s trajectory [1].

Source:

[1] Moomoo, “A whale has increased its BTC long position to $86 million,” https://www.moomoo.com/hans/news/flash/20813281/a-whale-has-increased-its-btc-long-position-to-86

[2] HashWhale Crypto Weekly, “Bitcoin Dips Amid Double Kill, ...”