Bitcoin (BTC) fell below $60,000 for the first time in seven weeks on June 24. Experts blame "whale games" for this. 🐳 Data from Cointelegraph Markets Pro and TradingView show new lows in BTC price at $59,809 on Bitstamp after Wall Street opened.
The weakness that began after the week's close continued into trading sessions in Asia and Wall Street, resulting in a 5% loss on the day for BTC/USD.
Trading resource Material Indicators warns of a classic scenario that is repeating itself on stock order books. Whales, experts warn, are redistributing liquidity to influence price momentum.
Data from monitoring resource CoinGlass shows the extent of the damage to long BTC positions thanks to the decline below $60,000.
Liquidations of long positions over the past 24 hours exceeded $136.5 million, and the total amount in cryptocurrency was $265 million.
Trading and research resource Rekt Capital notes the relatively shallow nature of the latest decline compared to others this year and last year.
“The average correction depth is -22%,” he calculated. "The average length of a correction is 42 days. This current retracement is -16% deep and lasts 35 days. This current pullback is not yet average in depth and duration."