Bitcoin whale expands long position to $94M, but BTC remains bearish

Bitcoin

Bitcoin whale expands long position to $94M, but BTC remains bearish

With the market on its back foot, investors, especially whales on the derivatives, were forced to reposition themselves.

Garret Jin adds Bitcoin long to $94 millionSource: CoinGlassBitcoin derivatives remain bearishSource: CryptoQuant

Source: CryptoQuantIs $70k support at risk？

Bitcoins downside momentum strengthened further, largely due to the long squeeze over the past day. In fact, the negative index (-DI) jumped to a monthly high of 29.

At the same time, its positive index dropped to 12 while the ADX sat around 14. With ADX and -DI above +DI, this suggests the downtrend is extremely strong.

Source: TradingView

Historically, when this momentum indicator is set this way, it has signaled a higher likelihood of trend continuation. Therefore, if the pressure holds and Futures whales show risk-off sentiment, Bitcoin could drop to $70,500.

However, if the market cools down and excessive leverage is flushed out, BTC could see a healthy reset. In doing so, the market could rebound above $75k, setting a path for a clear recovery.