Many Bitcoin (BTC) traders became bullish this week as prices rallied deep into the $88,000 level, but failure to overcome this level in the short term could be a take-profit signal.
Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level.
In a recent X post, the platform highlighted that the “Whale Position Sentiment” metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped. The metric defines the relationship between the aggregated open interest and trades larger than $1 million across multiple exchanges.
Bitcoin: Whale position sentiment. Source: X
As illustrated in the chart, the two circled regions are synonymous with Bitcoin price falling to the $88,000 level. Alphractal said,
“When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales