Key Takeaways
Oh, the tragedy! Bitcoin, once the golden boy of the crypto realm, flipped its shiny weekly high, transforming from a loyal supporter to a cold-hearted foe. As the waves of bearish sentiment crash upon us, could we witness a halt to BTC‘s gallant ascent? Pray tell, what mischief lurks behind these growing shorts?
As we gaze into the bizarre world of Bitcoin [BTC], the price stands stoically at $118,237, barely shifting like a statue of a long-forgotten hero. Despite wielding $73 billion in trading volume, it falls pitifully short of the glorious peak of $123,000. How tragic is the plight of once-mighty Bitcoin?
Despite grazing the heights of historic achievement, Bitcoin’s price has taken a swan dive, wearing the drab garb of volatility. But, dear friends, why does this spectacle continue to unfold?
BTC support turns into resistance
In a cruel twist of fate, Bitcoin has taken its former weekly high and transformed it into an unyielding resistance wall, as if it were laughing at the very notion of support. The charm of a rally past $120K quickly fizzled during a retest of $110,000—poof! Like magic! 🎩✨
Ah, the fickleness of this crypto darling! BTC has a penchant for flirting with previous highs and lows, and alas, the metamorphosis into resistance may keep Bitcoin curled up in a lethargic correction until it dreams of a brighter future.
Charting the descent, we see BTC may trudge beneath the support line of $116K, casting glances at $113K—an old haunt from the previous week. What a wonderful game this is, isn’t it?
As the price tumbles, a cacophony of factors fuels this stubborn transgression, ensuring that Bitcoin remains firmly below the mythical threshold of $120K.
Downtrend set to persist? 🐻
The reason Bitcoin may continue to languish beneath the $120K barrier? Well, it’s no secret that whales, those majestic yet mischievous creatures, are shedding their spots and taking their shorts for a spin in the derivative pools.
Among these sea giants is one notably perturbed whale, clutching 80,000 BTC, amassed during the heydays of yore. This whale, a modern-day Moby Dick, has decided to part with its treasures, offloading them to treasuries, ETFs, and exchanges, as announced by the ever-enthusiastic Marty Party on X—formerly known as Twitter. 🎉

As if that weren’t enough drama, enter James Wynn, the daring trader who ventures into shorting Bitcoin and Hyperliquid [HYPE] with the bravado of a bull in a china shop, wielding 40X and 10X leverage, respectively. What audacity! 💪
In a mere 24 hours, Wynn danced his way to a profit of $473K following a liquidation event that left many reeling. What a tale of triumph!

This latest development suggests—surprise!—that it might be prudent to watch from our cozy sidelines while the markets take a much-needed breather. 🍿
Wynn’s daring escapades could just inspire fellow market players to jump on the short train or, perhaps, even provoke the market makers to wipe away a few profits. What a delightful mess!
Kraken driving inflows 🦑
In addition to our riveting tales of whale antics, let’s peek at the inflows into exchanges. Surprise, surprise—Kraken, that infamous trading hub, has seen a spike in activity! Julio Moreno, the esteemed Head of Research at CryptoQuant, has observed that about 18,761 BTC has graced exchanges in the last 24 hours. What a parade! 🎊

These inflows seem to reflect desperate traders scooping profits ahead of the market’s correction finale. Yet, beware—exchange outflows could signal a return to accumulation, but only time will tell. Until then, it appears our dear Bitcoin’s uptrend is destined to remain subdued. Alas, the unpredictable dance of crypto! 🕺💃
Read More
- All Data Pad Locations (Week 1) Destiny 2
- 8 Final Boss Fights That Are Actually Optional
- Top 8 UFC 5 Perks Every Fighter Should Use
- Sci-Fi John Wick in the Making: Scott Rogers’ Directorial Debut
- Why Hunters Can’t Grow Stronger in Solo Leveling: A Missed Opportunity?
- XRP PREDICTION. XRP cryptocurrency
- Final Destination Bloodlines: The Shocking Twist That Changes Everything!
- You have used all your credits for this month. Please add more credits to continue.
- Jujutsu Kaisen’s Most Powerful Barriers Revealed
- Uncover the Exciting Humble Choice Games for April 2025!
2025-07-17 19:12