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- Bitcoin rebounded after dropping to the $76K support level.
- Whale traders and futures investors are increasing bullish positions.
- BTC must reclaim resistance near $79.4K to strengthen breakout momentum.
Bitcoin is showing signs of recovery after briefly slipping to $76,000, with large traders and derivatives investors increasingly betting on a stronger rebound. The world’s largest cryptocurrency climbed to around $78,180 before easing slightly, trading near $77,886 at press time while still holding a modest daily gain.
The latest recovery attempt comes as whale activity and futures market data point to renewed bullish sentiment, even though technical indicators suggest Bitcoin still faces major resistance ahead.
Whale Traders Increase Bitcoin Long Positions
Market attention shifted after on-chain tracking platform Lookonchain revealed that well-known whale Garrett Jin re-entered the market with a sizable leveraged Bitcoin position.
According to the data, Jin moved nearly $50 million across Binance and Hyperliquid before opening a 5x leveraged long position worth roughly $59 million on more than 500 BTC. The position carried a liquidation level near $62,656, signaling a strong conviction that Bitcoin could continue moving higher in the short term.
The move is notable because the trader had previously exited earlier positions during Bitcoin’s recent downturn. His return suggests confidence may be slowly returning among large investors after BTC’s sharp correction.
Futures Market Signals Growing Bullish Sentiment
The bullish shift was not limited to whale wallets. Broader derivatives data also showed traders increasing long exposure across the market.
Bitcoin’s taker buy/sell ratio climbed back above 1, reaching a weekly high of 1.1. A reading above that level usually indicates buyers are becoming more aggressive and opening fresh long positions.
At the same time, futures inflows surged to more than $10.6 billion, while outflows remained slightly lower. The resulting positive netflow suggested traders were adding exposure rather than reducing risk.
The long/short ratio across major exchanges including Binance and OKX also moved above 1, further reflecting bullish positioning among derivatives traders.
Technical Indicators Still Show Weakness
Despite improving sentiment, Bitcoin’s technical structure has not fully turned bullish.
The Relative Strength Index remained below the key 50 level, signaling that sellers still hold some control over momentum. BTC also continued trading below its 9-day and 21-day moving averages, which sat near $78,000 and $79,400 respectively.
Also Read: Truth Social Suddenly Withdraws Bitcoin ETF Filing Amid Fierce Market Competition
For bulls, reclaiming the 21-day moving average with a strong daily close could help Bitcoin retest the psychologically important $80,000 level. However, failure to break above resistance may trigger another wave of long liquidations and send BTC back toward the $76,000 support zone.
For now, Bitcoin traders appear increasingly optimistic, but the market still needs stronger demand to confirm a sustainable breakout.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
