TLDR
- Bitcoin price broke below a key short-term support level on the four-hour chart.
- A bear flag breakdown suggests a potential decline toward the $98,000 support zone.
- Bitcoin is trading below the 20 and 50-period exponential moving averages.
- Resistance remains strong around the $109,000 to $110,000 price area.
- A whale transferred 5,252 BTC, worth approximately $588 million, to major crypto exchanges.
The Bitcoin price faces renewed pressure as a key technical breakdown aligns with significant whale activity on top cryptocurrency exchanges. The asset broke below its short-term support, signaling potential losses ahead. At the same time, a large whale transferred over $588 million in BTC, stirring market concerns.
Bear Flag Breakdown Signals Further Weakness
The Bitcoin price slipped beneath the lower trend line of a bearish flag on the 4-hour chart. This pattern usually points to continued downside after brief consolidation. Its breakdown projects a target near $98,000, aligning with a key mid-June low.
Moreover, Bitcoin price now trades below the 20- and 50-EMA on the 4-hour chart. This confirms bearish pressure while resistance near $110,000 remains firm. If bulls fail to reclaim that zone, the pattern could strengthen.
Technical analysts warn that the current price action suggests further downside movement. One analyst noted, “Failure to recover $110K could confirm a deeper bearish shift.” Therefore, the focus now shifts to $98,000 as the next target.
Whale Transfers Over $588M BTC to Major Exchanges
A prominent whale has transferred 5,252 BTC, worth about $588 million, to Coinbase, Binance, and Kraken. These movements followed the asset’s technical breakdown and hint at upcoming selling or hedging. Historically, such inflows preceded sharp declines in Bitcoin price.
Arkham data tracked these transactions and identified the whale as the same entity behind a prior $200 million Bitcoin short. That move occurred during the China tariff shock and was highly profitable. The entity is now suspected of opening similar aggressive short positions.
This same whale placed a $234 million short on Hyperliquid, near $111,190 per Bitcoin. It has already gained around $6.7 million in unrealized profit. These signs indicate a high level of confidence in a deeper correction.
Identity Controversy Clouds Whale’s Intentions
The wallet address links to Garrett Jin, former CEO of the defunct BitForex exchange. Deleted social media posts briefly showed him acknowledging ties to the whale fund. Jin later claimed that the assets belonged to his clients, not to him personally.
Crypto analyst Quinten François doubts the link, saying, “It feels too clean to be true.” Blockchain sleuths remain divided on the wallet’s ownership. Still, the activity continues to impact Bitcoin price volatility.
It doesn’t add up to me.
Why would you have an .eth name leading to your X handle in a wallet that directly connects to market manipulation wallets and wallets for other crime?
I don’t think anyone is stupid enough. Sounds way too simple to be true.
— Quinten | 048.eth (@QuintenFrancois) October 12, 2025
So far, the Bitcoin price remains vulnerable to downside pressure. The next few days will be critical if support levels fail. Traders continue to watch the whale’s next moves closely.
