Bitcoin whale maneuvers commence ahead of schedule as BTC price dips below 60000

Bitcoin (BTC) experienced a significant drop below $60,000 on June 24, marking the first time in seven weeks that it reached this level. Analysts attribute this decline to “whale games” in the market.
According to data from Cointelegraph Markets Pro and TradingView, the price of BTC on Bitstamp hit a new local low of $59,809 after the Wall Street open. The weakness in the market continued throughout the Asia and Wall Street trading sessions, resulting in a 5% loss for BTC/USD.
Material Indicators, a trading resource, revealed that whales were manipulating liquidity in order to influence the price momentum. They noted that the Bitcoin order book had thin ask liquidity, making it easy for the price to be pushed up. An accompanying chart showed liquidity clusters for the BTC/USDT pair on Binance, indicating the influence of whales on the market.
In addition to the actions of whales, Material Indicators also mentioned the upcoming release of United States macroeconomic data, which could further impact liquidity. These tactics by whales are similar to what was observed last week.
Data from CoinGlass indicated that BTC long positions suffered as a result of the drop below $60,000. Long liquidations in the 24 hours leading up to the time of writing amounted to over $136.5 million, with the total amount for the crypto market reaching $265 million.
Some analysts compared this retracement to previous ones during the current Bitcoin bull market that began in early 2023. Scott Melker, a trader, analyst, and podcast host known as the “Wolf of All Streets,” found optimism in the fact that Bitcoin’s Relative Strength Index (RSI) on daily timeframes reached a ten-month low, suggesting a potential local price bottom. The RSI, which measures the strength and speed of a price movement, was below the threshold of 30, indicating an oversold condition for BTC.
Rekt Capital, a popular trader and analyst, noted that the recent drop in Bitcoin’s price was relatively shallow compared to previous retracements. He calculated that the average retracement depth since the Bear Market Bottom of 2022 was around -22%.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.