Bitcoin

Hope

Material

Rekt

<p>The drop of bitcoin below $60,000 has triggered a shockwave in the crypto universe. This decline, the lowest recorded in seven weeks, highlights the influence games of whales in the order books.</p>
<h2 id="h-bitcoin-whale-manipulations">Bitcoin Whale Manipulations</h2>
<p>On June 24, bitcoin crossed a critical threshold, falling below $60,000 for the first time in seven weeks.</p>
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<p>Data from Cointelegraph Markets Pro and TradingView revealed a new local low price of $59,809 on Bitstamp after the Wall Street opening.</p>
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<p>This weakness, initiated after the weekly close, continued throughout the trading sessions in Asia and on <a href="https://www.cointribune.com/tag/wall-street/" target="_blank" rel="noopener noreferrer nofollow">Wall Street</a>, resulting in a 5% loss for BTC/USD on the day.</p>
<p>Material indicators revealed that whales, these large bitcoin holders, are manipulating liquidity to influence price dynamics. By strategically moving massive amounts of bitcoin, they create illusions of scarcity or abundance. This disrupts investor forecasts.</p>
<p>These manipulation games, already visible the previous week, have intensified, complicating the task for bullish traders.</p>
<p>The monitoring resource <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a> showed the extent of long position liquidations in Bitcoin, exceeding $136.5 million in the 24 hours preceding the drop below $60,000. This whale manipulation has caused considerable pain for investors hoping for a quick rebound.</p>
<h2 id="h-a-perfect-storm-for-bitcoin">A Perfect Storm for Bitcoin</h2>
<p>The US macroeconomic news also played a crucial role in this plummet. The release of economic data added additional pressure on Bitcoin prices, amplifying the effects of whale manipulations.</p>
<p>Market indicators suggest that these giants of the crypto sphere are preparing to profit from fluctuations induced by economic news.</p>
<p>Indeed, liquidity clusters for the BTC/USDT pair on Binance clearly show the impact of strategic Bitcoin movements.</p>
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<p>Whales move liquidity to create conditions conducive to drastic price variations. This tactic, combined with the release of macroeconomic data, forms a perfect storm that pushes prices to new lows.</p>
<p>Trader and analyst Scott Melker, known as the “Wolf of All Streets,” observed that Bitcoin’s relative strength index (RSI) reached its lowest level in ten months. For observers of this index, values below 30 signal buying opportunities, suggesting that Bitcoin might be approaching a turning point.</p>
<h2 id="h-a-glimmer-of-hope-in-a-turbulent-market">A Glimmer of Hope in a Turbulent Market</h2>
<p>Despite this tumultuous period, some analysts maintain cautious optimism. Popular trader <a href="https://x.com/rektcapital/status/1805236516584628259" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital</a> noted that the depth of the latest decline is relatively shallow compared to previous pullbacks since the 2022 bear market low.</p>
<p>According to him, average bitcoin pullbacks hover around 22%, suggesting possible market resilience.</p>
<p>The Crypto Fear and Greed Index, which measures market sentiment, is also an important barometer.</p>
<p>Currently in “fear” mode, it could switch to “greed” if signs of stabilization appear. This rapid oscillation between fear and greed shows the inherent volatility of the cryptocurrency market.</p>
<p>Analysts believe that if Bitcoin is able to maintain support above certain key levels, it could trigger a new wave of buying. Growing institutional adoption and sustained interest in Bitcoin ETFs add a layer of potential long-term support.</p>
<h2 id="h-between-uncertainty-and-opportunity">Between Uncertainty and Opportunity</h2>
<p>The drop of bitcoin below $60,000, exacerbated by whale manipulations, highlights the challenges bullish investors face.</p>
<p>However, this period of turbulence also offers opportunities for those who know how to navigate the choppy waters of the cryptosphere.</p>
<p>The future of bitcoin remains uncertain, but its ability to rebound after periods of decline is well-documented. Investors will need to remain vigilant, adaptable, and ready to seize opportunities amid the storms.</p>
<p>Ultimately, Bitcoin continues to fascinate and defy expectations. Whether it’s whale manipulations or macroeconomic changes, the path to the economic immortality envisioned by <a href="https://www.cointribune.com/en/michael-saylor-does-not-hold-grudges-against-fiat-currency/" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor</a> remains fraught with obstacles and promises.</p>

Bitcoin In Free Fall: Whales Manipulate And Crush The Bulls

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