Bitfinex Whales Dump BTC Longs As $135k Bitcoin Price Target Reemerges - Analysis

Bitcoin whales began repeating a classic bull signal as they took BTC long positions off the table after a year of declining overall market exposure.

Bitcoin (BTC) whales are “aggressively” reducing long exposure as a classic bull signal reappears.

Bitfinex whales are rotating out of BTC long positions — something that preceded major price gains in the past.

A Wyckoff-style “spring” bottom should come next before a major reversal, analysis says.

Data from TradingView reveals that whale long positions have started dropping after hitting a peak of 73,000 BTC in late December.

Bitcoin whales are considered to be the “smart money” among the investor base, and traders monitor their actions for clues about future price trends.

History shows that whales closing out longs after a local peak tends to precede BTC price upside.

“Bitfinex whales are aggressively closing $BTC longs, a signal that historically precedes massive volatility,” commentator MartyParty observed in an X post on the topic Saturday.

MartyParty used the Wyckoff method to put whale shifts into context. In April last year, the start of a downtrend in longs almost exactly coincided with BTC/USD hitting sub-$75,000 lows, which remain in place.

This swing low, known as the “spring” in Wyckoff analysis, marks the start of a new uptrend.

Source: CoinTelegraph