Bitcoin fell below the $ 33,000 support after a whale put short pressure on Bitfinex.

Bitcoin is expected to retest $ 31,000

Data from TradingView shows that Bitcoin is currently trading at $ 32,495.

Bitcoin 1 Minute Candlestick Chart | Source: TradingView

The move follows a retracement of around $ 35,000 when Bitcoin failed to break a key resistance level.

With this, Bitcoin risks invalidating a bullish scenario, causing it to enter the next phase of the Wyckoff method.

with the possibility of a breakout of the uptrend – around $ 39,000. “I’ve lost the $ 33,000 range and I’m looking for $ 31,000 to $ 31,400,” said Michaël van de Poppe warning

shortly before the start of sales.

Lost $ 33,000 in support as Bitfinex Whale shorted over 5,000 BTC Bitcoin scenario of July 8th |

Source: Micha del van de Poppe / Twitter

Short Bitfinex up 160% in two hours

The latest price action comes hours after renewed selling pressure, thanks in part to an unknown whale trying to sell over 5,000 BTC. According to the recording

by journalist Colin Wu, short positions were taken on the Bitfinex exchange today (July 8th).

A mysterious Bitfinex user has started short positions with just 5,219 BTC worth $ 173 million at $ 33,000.

“According to data from Datamish, an account (or an institution) borrowed Bitcoin with short at 12 noon Synthetic Teamese time,” said Colin Wu.

“As of 2:03 pm, this account has borrowed a total of 5,219 BTC and the number continues to grow. Most short positions are not hedged. “

Lost $ 33,000 in support as Bitfinex Whale shorted over 5,000 BTC Short BTC on Bitfinex (blue) vs. BTC price (orange) |

Source: TradingView

However, Bybt’s numbers still show that Bitfinex’s short trades are roughly the same as long trades, with long trades accounting for more than 70% of the total.

Short whales are not new. As Cointelegraph reported, there were also fluctuations in trader behavior in June, on June 25 a certain trader also emptied 15,000 BTC and kept adding orders. The next day, BTC fell to $ 30,000.

Wyckoff – developed by Richard Wyckoff in 1888 – is a model for navigating financial market trends based on the relationship between the supply and demand of an asset. This method has two schemes: accumulation and distribution.

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