Bitcoin (BTC) fell below the $60,000 mark for the first time in seven weeks on June 24, with analysts attributing the decline to “whale games.” The price of BTC dropped to a low of $59,809 on Bitstamp after the Wall Street opening. This weakness continued throughout the Asia and Wall Street trading sessions, resulting in a 5% loss for BTC/USD. Material Indicators, a trading resource, observed that whales were manipulating liquidity in order to influence price momentum. They noted that the Bitcoin order book had thin ask liquidity, making it easy for the price to be manipulated. This behavior was also seen last week. CoinGlass data showed that BTC long positions suffered losses due to the drop below $60,000, with long liquidations totaling $136.5 million in the past 24 hours. Some analysts compared this pullback to previous ones since the beginning of the current Bitcoin bull market. Scott Melker, also known as the “Wolf of All Streets,” saw the low Relative Strength Index (RSI) as a sign of a potential local price bottom. The RSI measured 26.7, indicating an oversold condition. Rekt Capital, another popular trader and analyst, noted that the recent drop was relatively shallow compared to previous retracements. It is important for readers to conduct their own research and exercise caution when making investment decisions.
BTC price plunges below 60K sparking early Bitcoin whale games