BitForex Founder Garrett Jin Faces $17M Unrealized Loss on Bitcoin Position
- Significant Unrealized Loss: Garrett Jin, founder of BitForex, faces an unrealized loss exceeding $17 million on his 1,270 Bitcoin long position with 5x leverage, as Bitcoin trades near $62,000, perilously close to the liquidation price of $54,936.72, risking total loss of the initial margin if prices decline further.
- Trading Platform Risks: Jin's trading activities on the decentralized platform Hyperliquid illustrate the intertwining of exchange operators' financial strategies with market risks, highlighting the exposure of centralized exchanges and their founders to volatile market conditions.
- BitForex's Troubles: Since abruptly halting withdrawals in early 2024, BitForex has faced investigations by regulatory bodies across multiple jurisdictions due to allegations of fraud and mismanagement of user funds, leading to users being unable to access their assets and exacerbating its financial distress.
- Market Impact Warning: This situation serves as a cautionary tale for investors, indicating that even exchange founders are not immune to market downturns, particularly when employing high leverage; while potential liquidation could exert downward pressure on Bitcoin prices, its overall impact may be limited relative to the total market size.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 44596.223 | 51863.567 | 60056.083 | 67323.427 | 75515.943 | 82783.287 | 90975.803 |
| Fibonacci | 51863.567 | 57769.233 | 61417.76 | 67323.427 | 73229.093 | 76877.62 | 82783.287 |
About BTC
About the author
