Bitcoin Breaks Bear Flag; Whale Shifts $588M BTC, Eyes $98K

Published: 2025-10-23 03:34:28 |

Bitcoin extended losses after breaking below the bear-flag support on its 4-hour chart, dropping under the 20- and 50-period EMAs and signaling a potential move toward $98,000. Resistance at $109,000–$110,000 must hold to stem further declines. A whale transferred 5,252 BTC (about $588 million) of Bitcoin to Coinbase, Binance and Kraken, and opened $234 million in short positions on Hyperliquid at an average of $111,190 per BTC. Blockchain analysts link the wallet to former BitForex CEO Garrett Jin, though his role is unconfirmed. Traders should monitor large Bitcoin exchange inflows and bearish technical setups for near-term price action.

Bearish

The breakdown under a key bear-flag support and large BTC inflows to exchanges by a whale suggest selling pressure in the short term, likely driving Bitcoin down toward the $98K target. Resistance near $109K–$110K must be reclaimed to shift market sentiment. In the long term, sustained outflows and bullish indicators will determine recovery, but current signals favor a bearish bias.