Are whales going on a buying spree at high levels— is Bitcoin honey or poison?

Last week, amid rumors that MicroStrategy was cutting back on holdings to repay debts, it went on a storm of buying—spending $2.01 billion to scoop up 24,869 BTC. The purchase amount then surged by 44 times. The move directly dispelled the rumors, pushing its total holdings up to 843,738 BTC, with total costs nearing $63.87 billion, and an average holding cost of about $75,700.

This time, the big player forcibly boarded at a high of $80,985, immediately triggering a split market. Some praised it as a ruthless long, while others exclaimed that someone was taking the bag at the high end. But the broader market didn’t give it face— the coin price quickly fell below its buy average, causing the new positions to be underwater right away, and the market did not deliver the expected rebound.

On the technical side, Bitcoin’s short-term structure is already bearish. The daily chart has fallen back into the channel and shows a bearish divergence, with the 200-day moving average clearly suppressing price. The false breakout is extremely misleading. At present, capital and structure are in sync; in the short term, the main strategy should be selling on rallies in waves. Once key support is broken, the bearish trend will further continue.

Even though the big player is rich and is stubbornly holding the order book, the broader market is clearly getting worn down in the short term—being trapped as soon as you buy is proof. With sentiment turning increasingly bearish, the market is waiting for the broader market to fall through and for the bottom signals to become clear before considering whether to jump in—boom boom boom!$BTC ‌#加密市场下跌15万人爆仓