Bitcoin remains range-bound moving around $58,5000 and $60,500 as the general sentiment in the market flips bearish. The benchmark crypto trades at $60,327 with sideways movement in the daily chart. Related Reading | Bitcoin Turns Red, Why Bears Aim A Retest of $55K Only two weeks ago, Bitcoin was blasting through resistance levels in the high around its current levels briefly topping at $69,200. This led to an increase in over-leveraged positions and an increase in funding rates across the BTC derivatives sector that left the market vulnerable to a liquidation cascade. This event led to this week’s crash and seemed to be mainly driven by two crypto exchanges platforms. BitFinex, popularly known as a place where BTC whale conducts their operations, and Binance apparently processed a lot of selling orders. Thus, pushing the price of Bitcoin below $60,000 and into the lows of its range. Binance’s selling pressure might have already cool-off, but a single BitFinex operator persists in their relentless pursuit of further downside price action. Pseudonym analyst 52kskew reviewed this exchange’s trading orders and concluded the following: Bitfinex trying to drag down price again, actor on multiple books. Caution liquidity getting thin, yet no breakdown yet. In that sense, pseudonym traders LilMoonLambo replied that the Bitcoin Bitfinex whale dumping “is giving off serious 2014 BearWhale vibes”. The lone Bitfinex whale dumping $...
