Bitcoin Hovers Near $61K as Whale Closes 1400 BTC Short

Since losing the $70k support level, Bitcoin's [$BTC] downward momentum has intensified, with the price dropping to a four-month low of $61,309. At press time, BTC had made a modest rebound, trading at $63,306, though it remained down 4.7% on the daily charts. With BTC slipping to February lows, the derivatives market is heating up, and whales appear to be restrategizing.

A Bitcoin whale took $3.5 million in profit as shorts turned profitable and demand for them surged. According to On-chain Lens, wallet "pension-usdt.eth" fully closed its 1400 BTC short position worth $93.8 million. Following the trade, the whale, now on a 21-winning streak, pocketed $3.56 million in profit. After the exit, the wallet rotated into ETH. Rising short profits suggest downward momentum remains strong, with sellers firmly in control. Source: Coinglass

On top of that, traders have continued piling into short positions. Bitcoin's Long/Short Ratio fell to 0.94, a level that indicates most participants are bearish and are positioning for further downside. The bears, it seems, are back in season.

Longs are bleeding as liquidations hit $634 million. While whales who went short saw profits jump, those who went long have absorbed heavy losses. According to Onchain Lens, Garrett Jin's longs are deep in the red. His BTC (5x) long position is now carrying a floating loss of over $17 million. Despite the mounting damage, Jin is still holding and has spent $153k in funding fees to dodge liquidation. Source: CoinGlass

A significant number of long positions have been liquidated over the past 24 hours. CoinGlass data showed Bitcoin's total liquidation volume climbed to $752 million, with $634.6 million coming from long positions. In other words, the long crowd got steamrolled.

Can BTC hold the pressure? Bitcoin's downward momentum has continued to build amid rising selling pressure fueled by elevated liquidation levels. The crypto's negative momentum on the ADX with SMA climbed to a new high of 47. At the same time, the ADX rose to 38 while the positive directional index fell to 6. Source: TradingView

When the momentum indicators align like this, downside pressure is typically strong, and the setup often signals trend continuation. If prevailing market conditions persist, Bitcoin could breach $60k and slide toward $58,600. To prevent further market slippage, BTC would need to reclaim $70k and close above $74k. Chart says pain first, party later.

Final Summary: A Bitcoin whale closed a $98 million short position, pocketing $3.5 million in profit as BTC fell to February levels. Garrett Jin's long sits on a $17 million floating loss, while liquidated longs climbed to $634 million.