Bitcoin's price recently fell below $60,000, marking a seven-week low due to market manipulation by large holders, commonly referred to as "whales." These entities have been using spoofing tactics to influence price momentum, causing significant liquidations. Over $136.5 million in long positions were liquidated as a result.
Data from Material Indicators and CoinGlass indicate that thin liquidity and macroeconomic uncertainties, such as upcoming U.S. economic data, have exacerbated the situation. Traders are watching for potential market stabilization and opportunities to buy the dip.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
