Bitcoin Faces $107K Threshold as Yearly Opening Figures Gain Significance

Market Update

Key points:

Bitcoin has retraced from its bullish momentum, as sellers seem to maintain dominance.
The notable Bitcoin whale who shorted BTC previously is increasing their downside position.
A target of $107,000 appears to be developing in the short term.

Bitcoin (BTC) has seen a downturn to a multi-week low post-Tuesday’s Wall Street openings, as traders are suggested to take a conservative stance.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Whale Holds Short Position with $500 Million

Data from Cointelegraph Markets Pro and TradingView indicates a drop of over 3% for BTC/USD as it seeks to re-establish itself around $110,000.

Amidst new fluctuations, Bitcoin has tested the resilience of holders for the second time this week, sparking theories of market manipulation.

“Puke from the US market open led to another sweep of $110K which is still seeing passive buying & a bit more absorption of market selling,” said trader Skew.

“In perps we have shorts from earlier in the day taking profits.”

BTC/USDT five-minute chart with market data. Source: Skew/X

Market watchers are concentrating on a whale that shorted before an extensive market liquidation.

Currently, the whale’s BTC short, leveraging 10x, is valued close to half a billion.

“The infamous Hyperliquid whale is back. Last time they shorted $700M BTC + $350M ETH, gaining nearly $200M amidst the crash. Now, they hold a $494M Bitcoin short at 10x leverage.”

BTC/USD four-hour chart. Source: Roman/X

Is $107,000 the Next Level?

Taking into consideration internal data, Keith Alan, co-founder of Material Indicators, suggests lower levels might come into play.

“$BTC is pushing down for a 4th support test at $109k, but I’m not convinced it will hold. Technical support is stronger where the 200-Day SMA intersects with the Q4/2025 Timescape Level at $107,100. If bulls fail to maintain that, the yearly open could come into focus.”

BTC/USD one-day chart. Source: Keith Alan/X

Bitcoin’s yearly starting point is just under $93,500 and has established a crucial level since then.

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