The cryptocurrency market faces a tense moment as a high-stakes leveraged trade coincides with bearish technical signals for Bitcoin. A whale opened a $66.16 million long position with 3x leverage, risking automatic liquidation should Bitcoin’s price fall to $43,785. Concurrently, Bitcoin has broken below key weekly moving averages, with historical cycle data suggesting a potential pullback toward the mid-$40,000 region before recovery.
A large trader has initiated a risky $66.16 million leveraged bet on Bitcoin as the asset shows signs of a deepening correction. Ash Crypto reported a whale, who previously secured $22 million in profits, opened this fresh long position using 3x leverage.
The trade faces liquidation at $43,785 if losses deepen. Bitcoin, trading near $67,900, has fallen below critical weekly moving averages, signaling the corrective phase may continue. Momentum indicators like the RSI and MACD are bearish, pointing toward the next significant long-term support level near the 200-week moving average at $58,000.
Analyst Rekt Capital points out that the current bear market phase is 33% complete, with Bitcoin still following its historical four-year halving cycle pattern. TradingView analysis notes the market failed to retest the 0.236 Fibonacci retracement level in the upper $90,000s. The overall trend, however, continues to indicate higher macro lows over a multi-year timeframe despite the present weakness.
