A Hyperliquid whale shorted Bitcoin at $102,470 and has gained $5.85 million as Bitcoin dropped to $77,480. The trade has traders watching whether Bitcoin could fall to $60,000 by the end of April.

Market reaction

The short position coincides with geopolitical tensions from the US-Iran conflict, which has added to Bitcoin’s volatility. With Bitcoin at $77,480, more traders are betting on further declines. The market for Bitcoin reaching $60,000 by end of April is drawing interest, though specific odds aren’t available. The whale’s profitable short reflects broader bearish sentiment.

Why it matters

Bitcoin has failed to hold key resistance levels under pressure from external events. The whale’s trade shows how sensitive the market has become to geopolitical risks, including oil price swings and short liquidations. Traders are adjusting their strategies accordingly.

What to watch

A YES share for Bitcoin dipping to $60,000 by April 30 would pay $1 if realized. Geopolitical developments around the US-Iran conflict, particularly any shifts in the Strait of Hormuz situation, could push Bitcoin’s price lower. The combination of bearish positioning and external pressure points to continued downside risk.

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