#0🅇8🄾0🄼™ | Bitcoin whale play has traders on edge as 12K BTC appear for sale Bitcoin (BTC) plunged below $60,000 at the Wall Street open on August 9 a few days ago as traders observed “unreasonable” whale take order movements on Binance and made #marketdownturn
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Bitcoin order book movements are raising suspicions. Data from Cointelegraph Markets Pro and TradingView shows the latest BTC price rally running out of steam after hitting $62,775 on Bitstamp and dropping 3% from the daily open for BTC/USD trading facing significant resistance above the $62,000 mark, with analysis suggesting that this could be deliberate market manipulation as; “Someone placed a large sell order from $61,200-$62,500, Totaling 12K BTC,” CoinGlass’ monitoring source responded to X who reviewed Binance’s order book. “It’s a bit absurd.”
Popular trader Daan Crypto Trades noted an imbalance between supply and demand liquidity, with buyers still lacking volume from the previous day. "$750 million in orders above price and $300 million in orders below price. And that's just on Binance," he told his X followers.
"This could cool volatility for a while as prices get trapped between these walls. Keep in mind, these walls could collapse at any time. I think consolidation makes sense."
As Cointelegraph reported, high-volume traders often place a series of orders above or below the spot price to move the market in a particular direction. And this practice, known as spoofing, is common across the crypto market.
Opinions vary on the status quo of BTC prices, but traders remain largely divided on the strength of BTC prices at this point.
Related: Bitcoin price must reach $62K to avoid worst consequences of ‘death cross’ While some are predicting another major drop, others are looking at the long-term trendline for evidence of continued recovery and potential further upside.
"$BTC is back above the daily 200 EMA line. Recovery of this line has always led to significant price increases in recent years," commented popular trader Moustache, referring to the 200-day exponential moving average at $59,438. Trader and analyst Rekt Capital expects Bullish to rally for a breakout of the downtrend on a daily close.
Luke Martin, host of the Stacks Podcast, noted that Bitcoin had its second-best day in history in terms of market cap growth on Aug. 8. It grew from $1.08 trillion to $1.21 trillion in a single daily candle, while Bitcoin’s dominance of the total crypto market cap increased by about 0.4%. The dominance maxed out at 58%, Cointelegraph reported, hitting a one-year high in the process. Credits CoinTelegraph
⚠️DYOR!!! This article excerpt is not investment advice. Do thorough research before trading.
