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‘Bitfinex’ Whale Eyeing To Buy Bitcoin Between $8,600 To $8,800

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.