Bitcoin News Today: Bitcoin Risks $100K Breakdown as Whale Moves $588M BTC to Exchanges, Opens $234M Short

Key TakeawaysA whale transferred 5,252 BTC ($588 million) to major exchanges, sparking fears of renewed Bitcoin selling pressure.Bitcoin has broken below a key bear flag support, with downside targets near $98,000–$100,000.The same whale reportedly opened a $234 million short position, now in profit, adding to market anxiety.Bitcoin Price Tests Key Support as Whale Moves Trigger PanicBitcoin (BTC) is flashing technical weakness after breaking below a key bear flag support level, coinciding with large BTC inflows to exchanges from a wallet tied to a so-called “insider” whale.At publication time, BTC trades at $107,961, struggling to reclaim its former support near $109,000–$110,000, now acting as resistance.The BTC/USDT four-hour chart shows a decisive breakdown below the flag’s lower boundary, with the projected pattern target near $98,000 — a level aligning with the mid-June swing low and marking the next major support area.Bitcoin also trades below its 20-EMA (green) and 50-EMA (red), further confirming a short-term bearish structure.Mysterious Whale Opens $234M Short as BTC Outflows RiseAccording to Arkham Intelligence, the same whale entity transferred 5,252 BTC (worth roughly $588 million) to major exchanges in what analysts view as potential sell-side pressure.The entity — nicknamed the “$10B Hyperunit Whale” — previously earned over $200 million shorting Bitcoin during the China tariff crash earlier this month.Market Reaction and Identity SpeculationThe whale’s renewed activity has reignited fears of market manipulation.Analyst CryptoNobler called the move “pure manipulation,” suggesting the whale may be dumping spot holdings to drive prices lower and amplify short-side profits.Blockchain sleuths have linked the wallet to Garrett Jin, former CEO of BitForex, though the connection remains unverified.Jin previously acknowledged ties to the address in now-deleted X posts but claimed the funds belonged to clients, not him personally.Other analysts, including Quinten François, cautioned that the narrative may be “too neat to be credible”, noting the lack of definitive onchain evidence linking the Hyperliquid whale to BitForex’s former leadership.BTC Price Outlook: $100K Support in FocusIf Bitcoin fails to reclaim the $110,000 resistance zone, technical models suggest a potential retest of the $98,000–$100,000 range in the coming sessions.However, analysts note that any oversold bounce could trigger short-covering rallies back toward $111,000–$113,000, where heavy resistance awaits.Market sentiment remains fragile as whale-driven inflows continue to dominate short-term price dynamics.