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$320 million worth of Bitcoin contracts purchased on OKEx; Bitcoin price jumps1.48%

  •  It is likely that most of the traders are trying to deleverage the contract holder.
  • Bitcoin price breaks out of the contracting triangle; the target is on $8,300.

A top contract holder on OKEx cryptocurrency exchange recently purchased $320 million of Bitcoin on leverage. Crypto News suggests that the entry price could have been $7,700. Moreover, it is likely that most of the traders are trying to deleverage the contract holder. At the same time, there is a chance that he might not be able to exit at a reasonable price and the contract could expire. Crypto News on Twitter has tried to demystify the positions the contract holder has before it is too late:

“Top contract holder has scaled down to "only" 201 mln $ position long. Nr 2 and 3 scaled down as well. Still record size position. Of note top short contract holders are using large proportion of their margin, Nr 1 may pump it again and get them REKT.@Okex is now a risky place.”

Bitcoin price analysis

Bitcoin price has just broken out the contracting triangle covered in an earlier analysis today. The price is edging higher, while the buyers have their eyes glued on $8,300 and eventually $8,400 in the medium-term. The stochastic RSI on the 15-minutes chart is advancing upwards but currently stands at 56.75%, besides it seems to be stable above the oversold level at 30%.

On the flip side, a short-term support is highlighted at $8,250. The simple moving averages on the same chat will also offer support at the bullish trendline above the stronger support at $8,200. Bitcoin dipped below $8,100 during the trading session yesterday, although it bounced back up supported by the trendline. The 61.8% Fib retracement level close to $8,200 has held ground since the start of the session on Thursday.

BTC/USD 15-minutes chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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