Hayes returns to Hyperliquid; HYPE $55 support in focus
Arthur Hayes appears to have re-entered Hyperliquid (HYPE) days after liquidating an ~$18m HYPE position. Whale wallets reportedly accumulated over $79m of HYPE as the token rebounded above $60, lifting it to around $61–$62 on June 8.
However, bearish chart signals keep the $55 support zone in focus. Hyperliquid (HYPE) remains about 18% below its ~$75.48 recent high after a last-week selloff that followed a broader market liquidation event. On-chain flow also shows continued activity: Lookonchain reported a Hayes-linked wallet withdrew 33,978 HYPE (~$2.09m) from Bybit, which Hayes denied, while another newly created wallet removed 82,089 HYPE (~$5.16m) from exchanges and previously accumulated 1.14m HYPE (> $79m) before staking.
Technical levels: HYPE is holding near the 0.618 Fibonacci support around $54.7 and has reclaimed Supertrend support near ~$57.4, but the daily MACD produced a bearish crossover and momentum remains weak. Analysts warn the structure could evolve into a head-and-shoulders pattern if HYPE fails to defend $55. A bullish alternative would be reclaiming ~$64 to invalidate the bearish setup.
Broader context adds risk: Bitcoin (BTC) recently dipped to ~$61,556, triggering leveraged liquidations, and the UK FCA issued a warning related to Hyperliquid activity. Net: renewed buying is present, but traders may still position defensively around $55 given the technical headwinds.
Bearish
Despite Hayes’ reported return and whale accumulation supporting price near $60, the article’s trading signal is dominated by bearish technical structure. Daily MACD has turned bearish, and analysts explicitly flag a potential head-and-shoulders risk if HYPE loses the $55 support zone. This mirrors past patterns in high-beta tokens where strong rebound attempts fail when momentum indicators roll over and support breaks, often triggering another liquidation wave—especially after a liquidation-driven selloff.
In the short term, traders are likely to treat $55 as the decision level: hold it and odds improve for a move toward resistance around $64; lose it and downside risk rises, with leveraged participants potentially forced to cut risk again. In the long term, whale staking and exchange outflows can be constructive for supply dynamics, but regulatory uncertainty (UK FCA warning) and macro-linked volatility (BTC-driven liquidations) can cap upside until the chart confirms a trend reversal.