Bitcoin price is correcting gains from the $95,000 zone. BTC is back below $94,000 and might test the $91,200 support zone in the near term.

• Bitcoin started a minor downside correction below the $94,000 zone.
• The price is trading below $94,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $94,200 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price remained stable above the $90,000 level and started a fresh increase. BTC was able to climb above the $91,500 and $94,000 resistance levels.

The bulls were able to pump the price above the $94,500 resistance. The recent high was formed at $95,348 and the price started a downside correction. There was a drop below the $94,500 and $94,000 levels. A low was formed at $92,900 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low.

Bitcoin price is now trading below $94,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $93,650 level. The first key resistance is near the $94,000 level. The next key resistance could be $94,150 and the 50% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low.

A close above the $94,150 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance level. Any more gains might send the price toward the $95,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $94,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $92,800 level. The first major support is near the $92,000 level.

The next support is now near the $91,500 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $92,800, followed by $92,000.

Major Resistance Levels – $94,000 and $94,150.

Bitcoin has shown resilience by bouncing to its 200-day moving average since last Tuesday when it fell as low as $76,606, yet it remains below this key technical threshold. In this volatile market environment, a major whale has taken a contrarian position by establishing a highly leveraged short on Bitcoin perpetual futures via Hyperliquid.

Huge Bitcoin Whale Goes Short

According to data from Hyperliquid and blockchain analyst Lookonchain, the whale’s short position is valued at over $445 million and utilizes 40x leverage. This position comes with a liquidation price set at $85,940, and despite the inherent risks, the trader is already reporting an unrealized gain of $4.4 million.

Pseudonymous trader CBB (@Cbb0fe) galvanized a group of market participants to target the position. Lookonchain’s report highlights a coordinated effort to force the whale’s hand: “This whale still managed to turn a profit despite being hunted by a team! 11 hours ago, @Cbb0fe publicly formed a team to hunt this whale who shorted BTC with 40x leverage. Just one hour later, the team was in action, driving BTC above $84,690 in a short period,” Lookonchain said on X.

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Notably, the whale was forced to deposit $5 million USDC to increase margin and avoid liquidation. “But the hunt ultimately failed. The whale continued to increase his position to short BTC. Currently, the whale is profiting from closing positions through Twap. His current position is 5,406 BTC ($449M), with an unrealized profit of $4.4M.” the blockchain analytics service added via X.

In a series of rapid-fire tweets, CBB further intensified the situation by stating: “The hunt has begun,” adding “If you are willing to hunt this dude with size, drop a DM, setting up a team right now and already got good size.” He later added: “We have lost a battle but we have not lost the war. Locked in.” and “Holy fuck please Eric Trump send help from the divine father to liquidate this mfer.”

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Hyperliquid has positioned itself at the forefront of this unfolding drama, emphasizing the platform’s role in providing unmatched transparency in high-leverage trading. In a statement posted on X, Hyperliquid commented: “Hyperliquid has redefined trading. When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid. […] Anyone can photoshop a PNL screenshot. No one can question a Hyperliquid position, just like no one can question a Bitcoin balance. The decentralized future is here.”

Hyperliquid was recently thrust into the spotlight following an incident involving a prominent whale who executed a “liquidation arbitrage.” In that event, the extraction of floating profits led to a margin shortage that triggered forced liquidations, transferring risk to the decentralized exchange’s HLP vault.

At press time, BTC traded at $83,455.

Featured image from iStock, chart from TradingView.com

Binance Coin has come under intense pressure in the past few weeks as short bets in the futures market increased. BNB token was trading at $244 on Monday, lower than last week’s high of $261. In all, it has dropped by over 31% from the highest level this year.

BNB loses momentum

Most cryptocurrencies jumped sharply last week after the conclusion of the Ripple vs SEC case. BNB coin, on the other hand, remained in a tight range. It jumped to a high of $261.40 and then erased most of those gains.

Binance Coin has remained under pressure mostly because of the ongoing case, which was brought about by the Securities and Exchange Commission (SEC). The SEC accused Binance of committing over 10 crimes, including operating a broker-dealer in the United States without following the law.

It is too early to predict how the lawsuit will develop and how long it will take. Legal experts I have talked to say that the SEC has a relatively solid case against Binance. 

Another reason why BNB price is struggling is a recent report that Binance had fired over 1,000 employees recently. Like other crypto companies, Binance has gone through major challenges because of the crypto winter. 

Despite this, there is a likelihood that the company’s finances are improving as cryptocurrencies recover. Binane has also seen inflows in the past few weeks. According to DeFi Llama, it has had over $2.9 billion in inflows in the past 30 days. Its assets now stands at over $64 billion.

Meanwhile, data shows that many players in the perpetual futures market are short the BNB coin. Data compiled by CoinGlass shows that open interest is weighted heavily towards the short-sellers. In a note, an analyst told Coindesk:

“The sentiment has worsened due to the recent high-profile staff exits, inconsistencies related to BCH withdrawals from Binance.US and the pending Department of Justice case against Binance’s CEO Changpeng “CZ” Zhao.”

BNB price prediction

The daily chart shows that the BNB crypto price has been in a strong bearish trend in the past few months. Most recently, the coin has formed what looks like a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. 

BNB coin has moved below the 50-day and 25-day moving averages. Therefore, because of the descending flag pattern, the coin will likely have a bearish breakout in the near term. If this happens, the next level to watch will be at $220.

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Things are looking up in the cryptocurrency markets this Monday, with green candlesticks abounding for all major coins.

Total market value of all crypto assets is US$871bn, following a 2% gain over the past day. 

Bitcoin (BTC) hit a three-week high of US$17,400, with bulls eyeing up US$17,500 and US$17,600 as the next major resistance points. Yet the coin still has a long way to go before returning to pre-FTX collapse levels.

Bitcoin (BTC) remains heavily compressed following the FTX collapse – Source: currency.com

Ethereum (ETH) is also skirting three-week highs of US$1,300 after adding 3% on Sunday and continuing to rally today.

All major altcoins kicked the week off in the green, with Litecoin (LTC) leading the charge on a 9% daily rally.

Polygon (MATIC) and Polkadot (DOT) added around 3% apiece, though price action was more muted for Cardano (ADA) and Ripple (XRP).

Meme coins are having a strong start to the week, particularly Shiba Inu (SHIB), which jumped over 5% in the past day to bring its market capitalisation above US$5.4bn. Dogecoin (DOGE) added around 2.5%.

Meanwhile, Axie Infinity’s AXS token soared over 20%, making it the day’s top mover, followed by Cronos (CRO).

Derivatives exchange Synthetix (SNX) is the day’s best mover in the decentralised finance (DeFi) space, having added 6% to its market value, while Uniswap (UNI) and Lido (LDO) both added around 3.5%.

Total value locked across all DeFi protocols currently stands at US$42.8bn.

• Bitcoin renews the uptrend above $62,000 as bulls look forward to new record highs.
• The short-term technical picture appears positive for BTC apart from a sell sig al from the MACD.

Bitcoin recently rose to a new all-time high amid the speculation accompanying the approval of the first BTC futures ETF. The flagship cryptocurrency lifted to slightly above $67,000, a move that significantly reduced the distance to $70,000. Many analysts believe that Bitcoin still has a long way to go, with the next two months before the year ends being of great concern.

Nonetheless, BTC retreated from the new all-time highs where it naturally found support above $59,000. Bitcoin initially took a pit stop at $62,000, but the overhead pressure overwhelmed the buyers.

Bitcoin Price Resumes Uptrend Targeting New ATH

The bellwether cryptocurrency trades around $62,050 at the time of writing. The last 24 hours have been vital to BTC and the return above the demand zone in green. As long as bulls keep the price above $60,000, Bitcoin will keep the uptrend intact in the near term.

According to the Relative Strength Index (RSI), Bitcoin is gradually getting back into the bulls’ hands. This technical index that follows the trend of assets and calculates the strength of the bulls and the bears has rebounded at 60. If the upward movement remains steady to the overbought area, Bitcoin is bound to gain momentum.

It is worth remembering that the 100-day Simple Moving Average (SMA) has recently crossed above the 200-day SMA. Although this index does not qualify as a golden cross pattern, its occurrence affirms the bulls’ growing influence in the market.

BTC/USD Daily Chart

On the other hand, we cannot ignore a sell signal with the Moving Average Convergence Divergence (MACD). Like the RSI, the MACD follows the trend of an asset calculates the momentum. As the 12-day EMA crossed below the 26-day EMA, the odds for a pullback soared. This means that bears could as well regain control and push the price below $60,000 again.

Bitcoin Intraday Levels

Spot rate: $62,050

Trend: Bullish

Volatility: Low

Support: $62,000 and $59,000

Resistance: $60,000

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige