Bitcoin has seen a bit of uncertainty in the past few days. From $9,300 on day end, the cryptocurrency saw a fall under $9000. While the leading cryptocurrency reached a low of $8400 on many leading spots.
Recently at least $20 million worth of BitMEX were liquidated with the drop in price which adds to approximately $50 million in longs liquidated across the past few days.
In a recent revelation, according to crypto day trader, Bitfinex’s order shows a whale stepping in. As per the illustration it depicted what he meant to say.
It is understood that a small group of players have stacked Bitcoin buy orders between $8,600 and $8,800. The order size looks big and the traders have called it a whale.
According to reports, Bitfinex’s order book has a strong track record in predicting Bitcoin’s directionality.
NewsBTC reported previously that on-chain analyst Cole Garner noted that BTC’s next “big” move is likely to be to the downside. His statements were exemplified with sell-side pressure from miners, a bearish order book delta on Bitfinex, and institutions having a net short position through the CME’s Bitcoin futures.
Garner explained it will result in Bitcoin dropping to the $7,800-8,200 range.