Bitcoin whale bets $368M with 40x leverage on BTC decline ahead of FOMC

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Coin Telegraph 10h ago

Bitcoin whale bets $368M with 40x leverage on BTC decline ahead of FOMC - Coin Telegraph

Quick Summary:

To avoid downside volatility ahead of the FOMC meeting, Bitcoin will need a weekly close above $81,000, according to Ryan Lee, chief analyst at Bitget Research,The analyst told Cointelegraph:“The key level to watch for the weekly close is $81,000 range, holding above that would signal resilience, but if we see a drop below $76,000, it could invite more short-term selling pressure.”Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsThe analyst’s comments come days ahead of the next FOMC meeting scheduled for March 19.

The leveraged bet comes ahead of a week of numerous significant macroeconomic releases, including the upcoming Federal Open Market Committee (FOMC) meeting on March 19, which may impact investor appetite for risk assets such as Bitcoin.

A large crypto investor, or whale, has opened a 40x leveraged short position for over 4,442 Bitcoin (BTC) worth over $368 million, which functions as a de facto bet on Bitcoin’s price fall.