RATE Group | Bitcoin Flash Crash Proves Whales Are Messing With Us
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Bitcoin Flash Crash Proves Whales Are Messing With Us

29 Jul Bitcoin Flash Crash Proves Whales Are Messing With Us

Posted at 11:25h in Bitcoin News by

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The bitcoin price dropped almost $400 in a matter of minutes on Sunday evening before immediately paring losses. The flash crash and quick recovery is an obvious sign of bitcoin whales playing mind games. 

While it’s impossible to know exactly what happened, the price action looks like a classic bear trap. A handful of large players initiated a sharp selloff, luring other traders into opening short positions. The whales then immediately started buying, forcing traders to close out those positions at a loss.

Bitcoin whales triggered a bear trap late on Sunday, typified by a flash crash and quick recovery. Source: Trading View

It’s a game. In this volatile range between $9,000 and $13,000, the whales are initiating and capitalizing on short-term swings. 

Bitcoin price stuck under $10,000

The bitcoin price remains firmly below the psychological $10k barrier. The short-term trend remains bearish with most analysts still predicting a sub $9,000 bitcoin price before the long-term uptrend kicks back in.

On Monday, the BTC price settled around $9,605, having fallen…

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