A significant $34.31 million short position in Bitcoin was initiated by a large trader at 16:00 today, indicating notable institutional activity. The position is currently showing slight profitability. Bitcoin is finding support at the EMA21 and EMA31 levels, though the rebound momentum remains weak despite a W-bottom pattern formation. Key levels to watch include a support zone between $79,770 and $79,675, with lower support at $78,740 to $78,600, and resistance from $80,025 to $80,255.