Lone Bitcoin Bitfinex Whale Wants More Blood, Buyers Beware?

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Bitcoin remains interval-linked moving around $ 58.5000 and $ 60,500 as the general sentiment in the market reverses bearish. The reference crypto trades at $ 60,327 with a sideways movement in the daily chart.

Bitcoin BTC BTCUSD
BTC moves sideways in the 4-hour chart. Source: BTCUSD Tradingview

Related Reading | Bitcoin Reds, Why Bears Aim for a $ 55K Retest

Just two weeks ago, Bitcoin exploded through resistance levels at the maximum around its current levels briefly surpassing by $ 69,200. This has led to an increase in over-leveled positions and an increase in financial rates across the BTC derivatives sector, which have left the market vulnerable to a liquid cascade.

This event caused this week’s crash and appeared to be primarily driven by two crypto exchange platforms. BitFinex, popularly known as the place where BTC Whale conducts its operations, and Binance have apparently processed many sales orders.

Thus, pushing the price of Bitcoin below $ 60,000 and into the lows of its range. Binance’s sales pressure may have already cooled, but a single BitFinex operator persists in its relentless pursuit of further price action.

Pseudonym analyst 52kskew reviewed the trading orders of this exchange and concluded following:

Bitfinex is trying to drag down price again, an actor in several books. Pay attention to liquidity thinning, yet no breakdown yet.

In that sense, pseudonymous traders LilMoonLambo responded that the Bitcoin Bitfinex whale dumping is “emitting serious 2014 BearWhale vibes”.

Bitcoin The Epicenter Of Bear vs. Bull Battle

While it is true that traders and traders could give BitFinex too much credit for Bitcoin’s current price action, some indicators have begun to become pessimistic, but still far from a “full bear market” regime.

According to to Jarvis Labs, BTC’s 30-day Return indicator fell below 0%. As seen below, whenever this metric enters the green zone (below 0%) it is usually an indication of future appreciation. In that sense, Jarvis Labs said:

Time to pay attention if you are a bull and looking to buy at cheaper prices. The best times to accumulate in the past year were when this metric was in the green zone.

Bitcoin BTC BTCUSD
Source: Jarvis Labs

Some short-term holders have been shaken and sold at a loss, according to Bitcoin’s Wealth Multiplier. Similarly, to the 30D Return, this metric suggests a good place for long-term BTC holders to start accumulating.

Related Reading | Bitcoin Consolidation Rates Fall Below Zero In Market Sentiment Restored

Jarvis Labs marks $ 53,000 as the one level it must hold to continue the bull market. In addition, they want to see negative financial rates through major exchanges before starting a fresh leg into unexplored territory. The company said:

Market needed a healthy resumption and it lasted this week. It takes a little more time to cement the bottom and start a massive leg up. Give it some time and be ready to use the green button.

There is still hope for the bulls as Bitcoin has managed to stay above its critical support with rapid buying pressure reacting to recent declines. In addition, 52kskew added the following about the alleged influence of Bitfinex whales on Bitcoin:

(…) Obliges policyholders to perp (perpetual future contracts) premiums while collecting a financial sum. It ends very soon in my opinion.



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