We will talk about the price action of Bitcoin and also try to understand what price action we might see before the announcement from Trump that is scheduled for tonight. Along with this, there are some news coming out that some insider traders, who were previously reported to have some information before Trump’s last announcement, are showing some activity in their accounts. So we will try to understand what exactly is happening and whether the market might crash today or in the next couple of days or not.
Bitcoin’s Price Action
Let’s get straight to the point and talk about the price action of Bitcoin. Recently, obviously Bitcoin was running very strong, but on the 10th of October, when Trump announced a 100% tariff on China, and it came during a low liquidity time, a kind of negativity started in the market from there.
From that point, it first pushed Bitcoin to the lowest point, near $102,000. From there, there was a slight recovery, followed by another drop, where recently Bitcoin was seen falling back to $103,000 – $104,000. Recovery came again, and if we talk about it, selling started again in Bitcoin on Tuesday, and today, the market seems to be maintaining a bullish trend for now. Currently, Bitcoin is holding its price around $110,000.
Bitcoin: How Important is the $117K Level?
If we talk on a slightly smaller timeframe, if you look at Bitcoin’s resistance, in the short term, Bitcoin is appearing inside a kind of major, you could say, support-resistance zone, a congestion zone, which on the upper side, if I talk about it, extends up to approximately $111,000 – $112,000. Now, the broader area that is emerging, if Bitcoin clearly takes a breakout from this, takes a bounce back here, the major breakout zone for Bitcoin will eventually be the $117,000 zone. If Bitcoin manages to take a breakout above that, a big rally back to the All-Time High zone can be seen.
From a short-term perspective, if it sustains above $111,000 – $112,000, then we can see Bitcoin moving to test $115,000 to $117,500 (or roughly $116,000 to $117,500). If Bitcoin sustains and breaks out there, then it can move towards the next zones, $120,000 and above, towards the All-Time High.
Binance’s CZ gets a Trump News Twist!
Along with this, if we talk about Ethereum, a similar action is seen in its price action too. A kind of volatility contraction has been ongoing since the big selling and high volatility that came on the 10th of October, where base formation is currently happening. Now, the most important thing to watch in the coming days will be on which side we get the breakout after this volatility contraction.
If this breakout comes on the upside, it could create a very bullish scenario for the overall market and for Altcoins. But if this thing goes to the lower end and gives a breakdown, then a problematic situation could be created.
Similarly, if we talk about BNB, BNB is also again keeping itself quite stable here. A very big news about BNB also came today. If you are aware, Trump has granted pardon to CZ, who was the former CEO of Binance, whose full name is Changpeng Zhao, popularly known as CZ in the crypto community.
Binance Founder CZ gets Presidential Pardon: Effect of Lobbying or Corruption?
If we talk about him, he has been pardoned here. Basically, the President has the power that no matter how big a misdeed or crime someone has committed, you can give them a pardon (which is a kind of forgiveness). So, finally, there was an expectation for a long time; the crypto community, or specifically Binance and CZ, were engaged in lobbying for a long time.
Lobbying is basically a polite or sophisticated name for corruption, you could say. So, they were pressurizing to get this pardon, and finally, they got this pardon. Basically, there was a $4.3 billion settlement that had already happened under anti-money laundering, where the allegations were that Binance and CZ, as CEO, had facilitated money laundering and participated in money laundering.
Which, obviously, given how much the crypto space operates in a grey area, they most probably did. But finally, they got the pardon here, and due to this news, as soon as it came out, we saw a rally in BNB. This news came around 8:30 PM Indian time, and BNB suddenly started surging rapidly. If I talk about a smaller timeframe, BNB is currently near a very big resistance of approximately $1140 – $1150. If BNB sustains and holds above this, then it can be seen heading towards a rally.
Bitcoin Whale’s $32M Short Position: Will Trump’s ‘Insider News’ Crash the Market?
Along with this, if we talk about XRP, it is appearing in a slightly sideways action after the volatility and base formation. And if some positive news develops in the overall crypto market in the coming days, it will return to its trend.
If we talk about Solana, again the view is similar in Solana too. Base formation is happening quite well. If we get a breakout around $200 – $205 in the coming days, then Solana can go back to testing its previous highs, which is the $240 – $260 zone, and beyond that, the $290 – $300 zone.
If we talk about Cardano, it is in base formation. To become more bullish and positive again, Cardano needs to show stability above the $74 – $75 cents level.
If we talk about Doge, Doge is also in a similar zone. For proper stability and to get back into the trend, Doge needs to show stability above the $22 – $23 cents zone.
Along with this, let’s discuss the very important news that is coming out at this time. Basically, a Bitcoin whale has deposited $3 million on Hyperliquid (as you might know, it’s a very big exchange). Insider trades that have come out before have also appeared on Hyperliquid because the on-chain data is transparently visible there.
So, they have deposited $3 million here and opened a large position with 40x leverage. You can see that the position size or position value is approximately $32 million. When they posted the screenshot (around 5 PM Indian time), there was already a profit of about $1 lakh running on it.
But basically, in short, a short position of $32 million has been created here. This means their expectation is that Bitcoin will fall from here. Now, the speculation coming from most people is that since a big announcement from Trump is expected from the White House today, perhaps this whale has some insider information.
Because we have seen many times before, whenever Trump makes a big announcement, some trader emerges who has taken a very large position worth millions of dollars at the perfect timing just before that announcement. No normal person would take a position worth $32 million (which is almost ₹250 crores in value) just like that, unless they have either information or a very big reason for confidence.
So, the market speculation is that he deposited $3 million (roughly ₹25 crores) with 40x leverage for a $32 million position. Somewhere, he must have insider information, and perhaps an announcement from Trump will come out that could be negative for the market.
But if you want my opinion on this, my opinion here is that we saw something similar a few days ago when it was reported that someone had taken a huge trade, but nothing actually came of it later. So, it’s possible that since the entire market is now tracking these insider trades, if they actually wanted to take insider trades, perhaps they would be doing it through multiple accounts, or they might actually be creating these things to confuse people. Maybe they take these kinds of trades many times that turn out to be wrong, and in the future, when they actually want to do something big, they do it again, and people won’t believe it.
So, it is possible. But my view is that the more this is now appearing in the public and the media—that an insider trade of so many million dollars has opened here—I think it is perhaps not that consistent or trustworthy. And these things can be easily used to confuse the public. So, this is my opinion. That’s why I will not trust this too much. We will see what happens in the market based on the price action after the announcement. But I will not believe too much that this is actually something that should be visible to the public.
Because it is possible that they create a short position by putting in $3 million, and at the same time, they create a long position of one million dollars in 10 other accounts to confuse people. So, it is possible. I will not prefer to rely too much on this. That’s all for today. I hope you liked the ARTICLE…
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