Bitcoin

Rekt

Bitcoin dipped below $60,000 at the Aug. 9 Wall Street open as traders eyed “unreasonable” whale moves.&nbsp;
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/35f7df54-b94f-442a-9ebf-bdb9d9a2a50c.png" title="">
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 BTC/USD 1-day chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-order-book-moves-spark-suspicion">Bitcoin order book moves spark suspicion</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="dofollow" target="_blank">TradingView</a> showed the latest Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price uptick running out of steam after reaching $62,775 on Bitstamp.
Now down 3% versus the daily open, BTC/USD faced significant resistance above the $62,000 mark, with analysis suggesting that this could be intentional manipulation.
“Someone placed large sell orders from $61200-$62500, Total 12K BTC,” monitoring resource CoinGlass <a href="https://x.com/coinglass_com/status/1821835050109071550" rel="noopener noreferrer nofollow" target="_blank">responded</a> on X, reviewing the Binance order book.&nbsp;
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 “This is somewhat unreasonable.”
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/15b4c9cf-dd71-4a18-a933-4211c8e2adce.png" title="">
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 Binance BTC/USDT order book liquidity heatmap. Source: CoinGlass/X
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Popular trader Daan Crypto Trades noted the imbalance between bid and ask liquidity, with buyers still lacking volume from the day prior.
“$750M in orders above &amp; $300M in orders below price. And that’s just on Binance,” he <a href="https://x.com/DaanCrypto/status/1821832982623068463" rel="noopener noreferrer nofollow" target="_blank">told</a> X followers.
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 “This could temporarily cool off volatility for a while as price is stuck between these walls. Keep in mind, walls can get pulled at any time. Some consolidation makes sense I feel like.”
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/a08bffb1-18d3-4dc4-b6fc-aef8e6a92d1a.png" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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As <a href="https://cointelegraph.com/news/crypto-market-spoofing-identifying-fake-orders-and-their-impact">Cointelegraph has reported</a>, large-volume traders often place a series of orders above or below the spot price to move the market in a given direction. The practice, known as “<a href="https://cointelegraph.com/news/crypto-market-spoofing-identifying-fake-orders-and-their-impact">spoofing</a>,”&nbsp;is commonplace across crypto markets.
<h2 data-ct-non-breakable="true" id="mixed-thoughts-on-btc-price-status-quo">Mixed thoughts on BTC price status quo</h2>
Traders broadly remained at odds over BTC price strength.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-must-flip-62k-avoid-death-cross">Bitcoin price must flip $62K to avoid worst ‘death cross’ consequences</a>
While some expected another sizeable downward move, others looked to long-term trendlines as proof of a sustained recovery and potential further upside next.
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/b93f613e-6f85-4575-bda6-4880b3c882f9.jpeg" title="">
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 BTC/USDT chart. Source: Moustache/X
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“$BTC is back above the daily EMA 200 line. A reclaim of this line has always led to a sharp rise in prices in recent years,” popular trader Moustache <a href="https://x.com/el_crypto_prof/status/1821851229183418387/photo/1" rel="noopener noreferrer nofollow" target="_blank">commented</a>, referring to the 200-day exponential moving average at $59,438.
Trader and analyst Rekt Capital hoped that bulls could muster a downtrend breakout by the daily close.
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/6444d497-ecdd-442f-b42d-83a4e4d247f0.png" title="">
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 Source: <a href="https://x.com/rektcapital/status/1821904413419778421" rel="noopener noreferrer nofollow" target="_blank">Rekt Capital</a>
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Luke Martin, host of the Stacks&nbsp;podcast, <a href="https://x.com/VentureCoinist/status/1821684835993403597" rel="noopener noreferrer nofollow" target="_blank">noted</a> that Bitcoin had its second-best day in history in terms of market cap growth on Aug. 8.
Bitcoin’s market cap 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 around 0.4%.
Dominance hit a maximum of 58%, <a href="https://cointelegraph.com/news/bitcoin-dominance-hits-58-amid-altcoin-stock-market-bloodbath">Cointelegraph reported</a>, notching a one-year high in the process.
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 <img alt="Bitcoin whale games get traders nervous as 12K BTC appears for sale" src="https://s3.cointelegraph.com/uploads/2024-08/cd0e2e01-8813-4d56-bd11-dfcdb2e2fe27.png" title="">
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 Bitcoin market cap 1-day chart. Source: TradingView
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whale games get traders nervous as 12K BTC appears for sale

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