Zcash whale Garrett Bullish renewed his bearish stance on ZEC after opening a new 2x leveraged short position worth $4.92 million at $417.80.
The move follows two successful trades that had already generated $11.66 million in realized profits, further cementing its reputation for precise timing of previous corrections.
Her last post came while he also held a long 1,268 BTC worth $76.45 million, although that trade remained underwater by around $20.90 million.
Such prestigious positioning often shapes market sentiment, as many participants closely follow its trades before adjusting their exposure.
Buyers continued to absorb ZEC market orders
Despite Garrett Bullish’s renewed bearish conviction, derivatives data painted a different picture. THE 90-day CVD Futures Taker remained dominated by buyers, showing that aggressive market participants continued to raise their bids instead of reaching them.
This imbalance suggests that buyers have been absorbing available liquidity more aggressively than sellers in the recent period. Although ZEC struggled to return to higher price levels, taker activity indicated that demand had not disappeared.
However, sustained buying pressure alone did not translate into a decisive trend reversal, as overall sentiment remained cautious following the recent decline.
If buyers maintain control of market orders as new selling pressure fades, the market could gradually challenge its bearish positioning. Otherwise, persistent whale conviction could continue to limit the upside despite encouraging order flow.
Can oversold signals trigger a rebound?
Zcash (ZEC) continued to trade below its broken ascending channel after failing to reclaim the old support structure.
The breakout shifted the market structure in favor of sellers, leaving $520 as the nearest major resistance while $335.50 remains the next important support.
However, the downward pressure appeared to slow as the price stabilized near $413 instead of extending lower. Meanwhile, the Stochastic RSI fell to 4.03 and 6.45, placing both lines deep in oversold territory.
These numbers reflect exhausted sales conditions rather than renewed strength.
Unlike the oscillator, the Parabolic SAR remained below priceeindicating that the broader trend still favors buyers despite the recent pullback.
A recovery above the broken channel would strengthen the bullish conviction, while another rejection could expose ZEC to a retest of lower support.
In conclusion, Garrett Bullish’s latest multi-million dollar short sale reinforced bearish sentiment, but derivatives data did not fully support this view.
If ZEC recovers the broken channel and rises above $520, the bearish thesis could weaken significantly. Otherwise, failure to overcome resistance would likely keep $335.50 as the next downside target.
Final Summary
- Garrett Bullish increased his bearish exposure, but futures buyers continued to absorb the market’s selling pressure.
- The daily chart reflects cautious optimism, although ZEC still trades below important resistance levels.
