Bitcoin spikes as whale reported to have covered short
According to u.today, an anonymous whale has covered a significant short position. Bitcoin's price reacted by spiking to more the $43,000. Since then, the cryptocurrency has pulled back slightly; however, it has moved into its bullish area on the daily chart (left), between the upper blue and red bands. We also note that the Bollinger bands have turned up (black ellipses), affecting pressure upwards. If this continues, the odds for an uptrend will shorten.
The hourly chart on the right shows bitcoin's short-term EMAs with good angle and separation. Moreover, its stochastic has crossed positively and may be heading into the 80+ areas (blue arrow). If so, an underlying bullish momentum will be present if it holds that position. The R3 pivot is the immediate overhead resistance (red rectangle). According to the u.today article, speculation is that "the massive short was removed with the help of insider information about market movements."
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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