Bitcoin News Today: Bitcoin Whale Buys $86.26M at $113K With 40X Margin As Market Hovers Near $120K Resistance

A major Bitcoin whale has opened a leveraged long position of 752 BTC worth $86.26 million at an entry price of $113,678.6, using a 40x cross margin. The whale, identified by address 0xab15, has set a take-profit target at $120,000, aligning with a major limit sell order of 702 BTC at the same price level. As of the time of the trade, the position held $774,069.29 in unrealized profit, with a liquidation level set at $110,340. The whale’s staked assets amount to $3,924.68, and spot holdings remain at $0.30, indicating a full commitment to perpetual contracts [1].

Bitcoin's price action over the past 24 hours has shown consistent upward momentum, with the asset beginning the session near $113,680 and reaching a high of $114,700 before easing. The price exhibited sharp upward moves, followed by minor dips that quickly reversed, forming higher lows across the chart. Volume remained active during breakouts and slightly reduced during pullbacks, reinforcing the intraday bullish structure [1].

Technical indicators, however, suggest weakening momentum. The Relative Strength Index (RSI) has dropped to 47.13, below the 50 level, indicating a slowdown in bullish momentum. The Moving Average Convergence Divergence (MACD) histogram has turned negative at –919.59, with red bars dominating the chart, signaling reduced conviction in the upward trend. The RSI has been below its moving average of 55.43 since late July, and the MACD line remains significantly lower than the signal line [1].

Price activity has also shown signs of consolidation beneath the $120,000 resistance level, where visible sell pressure is evident. Key support levels are positioned at $98,452.13 and $73,885.36, both of which have historically marked directional shifts in Bitcoin's price movements. The recent inability to reclaim the $120,273.08 resistance suggests potential challenges in sustaining the current rally [1].

The whale’s strategic position and the market’s technical indicators present a mixed outlook. While the whale appears confident in a $120,000 exit, the weakening momentum and consolidation near key resistance raise questions about the sustainability of the rally. If Bitcoin fails to break through $120,000 or find firm support below $98,452.13, the market may remain in a sideways range in the near term [1].

Source: [1] Bitcoin Whale Loads $86M Long at $113K Entry: Can the $120K Sell Wall Be Broken as Whale Prepares to Exit? (https://cryptonewsland.com/bitcoin-whale-loads-86m-long-at-113k-entry-c/)