As we learnt last week the Bitcoin Whale trader was caught long and wrong. Bitcoin is down approximately 20% from recent highs and has retraced half of the 40% move from July lows.

We are currently seeing Bitcoin touch the 50-day average.

The Whale long has probably by now been fine-tuned by margin calls and the selling pressure should soon fade as the crypto approaches first support levels. 68050-6900 is the first short-term support.

Source: chart by Bloomberg