Bitcoin Well Games Worry Traders As 12K BTC Appears For Sale
Bitcoin fell below $60,000 at the August 9 Wall Street open as traders saw “irrational” whale movements.
Bitcoin's order book inspires skepticism.
Data from Cointelegraph Markets Pro and TradingView boosted the price of Bitcoin (BTC), which is running out of steam after reaching $62,775 on Bitstamp.
Now down 3% from the daily open, BTC/USD is facing strong resistance above the $62,000 mark, analyzing the possibility that it may be a deliberate manipulation.
“Someone submitted a large sell order from $61200-$62500, totaling 12K BTC,” monitoring resource CoinGlass responded on X, reviewing the Binance Order Book.
“This is somewhat unreasonable.”
Prominent trader Daan CryptoTrades noted the mismatch between bids and money requests, with buyers still lacking volume from the previous day.
“$750M in orders up and $300M in orders down. And that's only on Binance,” he told X followers.
This may temporarily dampen volatility as price remains stuck between these walls. Remember, walls can be pulled at any time. Some reinforcement makes sense to me.
As Cointelegraph reports, large-volume traders place a series of orders above or below the spot price to move the market in a certain direction. This practice known as “spoofing” is common in crypto markets.
Mixed thoughts on the BTC price situation
Traders have been largely attuned to BTC's price strength.
RELATED: Bitcoin Price Must Overturn $62K To Avoid Worst ‘Death Cross' Consequences
While some expected another massive downward spiral, others saw long-term trends as evidence of a sustained recovery and subsequent reversal.
«$BTC has bounced back above the daily EMA 200 line. The retracement of this line has led to a sharp rise in prices in recent years,” noted trader Musta commented. The 200-day moving average is $59,438.
Trader and analyst Rect Capital had hoped that the bulls could bring a downtrend to the daily close.
According to Luke Martin, host of the Stax podcast, Bitcoin had the second best day in history in terms of market capitalization on August 8.
As Bitcoin's market cap rose from $1.08 trillion to $1.21 trillion in one day's candlestick, Bitcoin's total crypto market cap increased by around 0.4%.
Dominance reached a record high of 58%, Cointelegraph reported, posting a one-year high in the process.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
