Futures-Reports Analysis: Whales Ready to Buy Near the $11,000 Mark

Futures reports are a useful tool for traders, helping to gauge sentiment among large players and to supplement views of the market. For ForkLog, the mood among Bitcoin whales was explained by analyst Дмитрий Перепелкин.

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An attempt to break through the $12,300 level was unsuccessful. For two weeks now, we have observed Bitcoin’s price moving toward the $11,000 mark. The ascending channel has been broken, as shown in the chart below.

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Chart BTC/USDT on Binance exchange from TradingView

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Does this mean that in the short term a drop to the $11,000 support level is inevitable? The chart below shows the distribution of large limit orders from August 6 to 18. The orders were concentrated at the $11,000 level, which confirms the importance of this price barrier.

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Let us examine what is happening among CME’s largest players. For the period from August 11 to 18, when Bitcoin rose from $11,100 to $12,300, we see a large concentration of short positions in the Asset Managers section — 595 shorts against 296 longs. And indeed, on the 18th, BTC price fell, which is favourable for holders of short positions.

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From August 18 to 25, the picture shifted sharply. The vast majority of short positions closed, but long-contract holders continued to hold their positions. Consequently, bulls again dominate the Asset Managers camp.

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Bitfinex speculators are not rushing to accumulate long positions — a downtrend is anticipated as Bitcoin declines. Typically, on Bitfinex, long positions begin after the price confidently bounces off the support level. For now, quotes are gradually moving toward the $11,000 support.

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