The post 40x Bitcoin Long Spotted in the Wild: Someone Expects $120,000? appeared on BitcoinEthereumNews.com. What’s up with Bitcoin? Foundation behind rally The recent entry of two high-leverage long positions totaling $29 million by a major whale address 0xC50a indicates that market confidence is increasing despite persistent volatility. At an entry price of $111,658, the whale initiated a 40x long on 149 BTC, which is worth $16.65 million, and a 10x long on 284,501 HYPE tokens, which are worth $12.49 million. What’s up with Bitcoin? The price of Bitcoin is currently trading close to $111,800, which is just above the whale’s entry point. This move coincides with a weak but improving price structure. The position is currently slightly negative (-$14,600 unrealized PnL), but the aggressive leverage indicates that 0xC50a anticipates a short-term breakout above $112,000-$114,000, a resistance zone that is home to a large number of short liquidations. The 200-day moving average or black line has served as a powerful dynamic support for multiple sessions, and Bitcoin is still holding steady above it on the daily chart at $108,200. BTC/USDT Chart by TradingView Following the steep correction earlier this month, the recovery from that level indicates a resurgence of buyer interest. There is still potential for a more robust upward push before Bitcoin becomes overbought, according to the RSI at 48, which indicates neutral momentum. At approximately $112,400 and $114,100, the 50-day and 100-day moving averages continue to be significant short-term obstacles. Foundation behind rally A close above these lines might start a quick rally toward the $118,000-$120,000 range, which has historically caused significant profit-taking. With the size of the whale’s position and exposure to leverage, even a slight change in price could result in significant liquidations. The trade is structurally safe unless there is a significant macro shock as the liquidation price for the Bitcoin long is set close to $53,000. The fact that… The post 40x Bitcoin Long Spotted in the Wild: Someone Expects $120,000? appeared on BitcoinEthereumNews.com. What’s up with Bitcoin? Foundation behind rally The recent entry of two high-leverage long positions totaling $29 million by a major whale address 0xC50a indicates that market confidence is increasing despite persistent volatility. At an entry price of $111,658, the whale initiated a 40x long on 149 BTC, which is worth $16.65 million, and a 10x long on 284,501 HYPE tokens, which are worth $12.49 million. What’s up with Bitcoin? The price of Bitcoin is currently trading close to $111,800, which is just above the whale’s entry point. This move coincides with a weak but improving price structure. The position is currently slightly negative (-$14,600 unrealized PnL), but the aggressive leverage indicates that 0xC50a anticipates a short-term breakout above $112,000-$114,000, a resistance zone that is home to a large number of short liquidations. The 200-day moving average or black line has served as a powerful dynamic support for multiple sessions, and Bitcoin is still holding steady above it on the daily chart at $108,200. BTC/USDT Chart by TradingView Following the steep correction earlier this month, the recovery from that level indicates a resurgence of buyer interest. There is still potential for a more robust upward push before Bitcoin becomes overbought, according to the RSI at 48, which indicates neutral momentum. At approximately $112,400 and $114,100, the 50-day and 100-day moving averages continue to be significant short-term obstacles. Foundation behind rally A close above these lines might start a quick rally toward the $118,000-$120,000 range, which has historically caused significant profit-taking. With the size of the whale’s position and exposure to leverage, even a slight change in price could result in significant liquidations. The trade is structurally safe unless there is a significant macro shock as the liquidation price for the Bitcoin long is set close to $53,000. The fact that…