Bitcoin’s price has fallen back after Tuesday’s Wall Street opening, with market participants advising cautious trading strategies. A major contributor to this decline is a significant short position held by a prominent cryptocurrency whale, who recently increased their Bitcoin short position, adding billions more to their total losses. This action has contributed to further selling pressure on the leading crypto asset. The resulting price plunge has brought Bitcoin’s market value close to $107,000 and fueled renewed concerns about potential manipulation in the market. 10x leverage shorts have been observed, with a sizable risk being taken at a time when uncertainty remains high. Traders are closely watching the price action for any indication of where it might break towards either support or resistance levels. Several key support levels are currently being tested, including the yearly open and historical moving averages. Despite the ongoing bearish trend, some traders remain cautiously optimistic about Bitcoin’s potential to rebound in the long term.