Bitcoin is facing a turbulent moment as it grapples to reclaim higher price levels amid intensifying selling pressure and a prevailing atmosphere of fear in the market. After enduring weeks of volatile price movements, attempts at recovery are being met with staunch resistance, with BTC currently trading below essential psychological thresholds.
Recent insights from Lookonchain reveal that the notorious trader known as BitcoinOG (1011short), who gained notoriety for shorting the market during the crash on October 10, is back in the spotlight. On-chain data indicates that this whale has begun offloading BTC, sparking renewed anxiety among both traders and investors.
This recent activity has reignited discussions within the crypto community, as many analysts categorize this trader among the so-called “smart money” — entities that are adept at forecasting market transitions with remarkable accuracy. While some view the whale’s actions as a harbinger of further declines, others argue that such movements might signify capitulation points, where the market absorbs the final waves of selling before embarking on a recovery.
With rising uncertainty and thin liquidity, Bitcoin’s next moves will be pivotal in shaping short-term market sentiment. The upcoming days could prove decisive, determining whether this whale’s maneuvers confirm an additional leg downward or signal the final shakeout before a broader recovery phase.
Whale Activity Intensifies: The BitcoinOG Moves Millions Across Exchanges
According to insights from Lookonchain, the BitcoinOG (1011short) has made significant moves following the market downturn. The whale has deposited 5,252 BTC, valued at approximately $587.88 million, into major exchanges including Binance, Coinbase, and Hyperliquid. Concurrently, his short position on Hyperliquid has expanded to 2,100 BTC, valued at around $227.8 million.
This scale of activity has drawn significant attention from analysts, especially given the trader’s historical accuracy in identifying market peaks. Depositing Bitcoin to exchanges typically indicates potential selling or hedging behavior, further contributing to the bearish sentiment currently prevailing in the market. The expansion of his short exposure suggests that the whale may be positioning for further declines or safeguarding profits from prior market activities.
Nevertheless, several experts advise caution against overinterpreting these transactions. On-chain visibility offers only a partial perspective; these deposits may represent just a fraction of the whale’s total holdings or broader trading strategy. It is conceivable that some positions remain concealed across other derivatives platforms, wallets, or through over-the-counter deals.
This uncertainty renders the whale’s behavior both intriguing and concerning. While retail traders may react impulsively to such visible movements, seasoned analysts underscore the necessity for a more comprehensive context that includes derivatives data, funding rates, and liquidity shifts.
Weekly Chart: Support Retest as Market Faces Key Inflection Point
The weekly Bitcoin chart illustrates the market’s struggle to maintain levels above the $108,000 region, a critical short-term support level closely aligned with the 50-week moving average. Following the abrupt decline after the October 10 crash, BTC attempted a rebound but failed to sustain momentum above $114,000, indicating ongoing selling pressure near the $117,500 resistance level, which has historically acted as both support and resistance.
The current structure suggests that Bitcoin is in a consolidation phase within a broader bullish trend, yet downside risks remain heightened. If the 50-week moving average fails to hold, the next significant support appears near $100,000, aligning with the lower range of historical demand and the breakout zone from March 2025. A drop below this level could accelerate selling momentum and confirm a deeper retracement.
Conversely, reclaiming the $117,500 mark would signal renewed strength, paving the way for a potential retest of the $125,000 to $130,000 range. Overall, Bitcoin’s weekly structure remains cautiously optimistic, but sustained weakness at current levels could jeopardize the broader uptrend, making the coming weeks critical for long-term direction.
