The cryptocurrency market is on edge as a massive sell order involving 12,000 Bitcoin (BTC) appears on the order books, leading to speculation of possible market manipulation by so-called “whales.”
These large holders of Bitcoin, whose moves can significantly influence prices, have caused a stir, particularly as Bitcoin’s price dipped below the $60,000 mark on August 9.
Data from various market tracking tools, including Cointelegraph Markets Pro and TradingView, show that Bitcoin’s recent rally, which saw prices reach a high of $62,775, quickly lost momentum.
The sudden resistance above $62,000 has left traders wondering if this is part of a deliberate strategy by whales to control the market direction.
One key indicator of this possible manipulation comes from the Binance order book, where large sell orders between $61,200 and $62,500 were detected.
Monitoring service CoinGlass highlighted the suspicious nature of these orders, noting that 12,000 BTC—equivalent to nearly $750 million—was placed for sale at these levels, raising questions about the intent behind these moves.
Popular crypto analyst Daan Crypto Trades observed an imbalance in liquidity on Binance, with significantly more sell orders than buy orders.
He noted that this setup could suppress Bitcoin’s volatility in the short term, trapping the price within a narrow range.
However, he cautioned that these “walls” of orders could be pulled at any time, potentially leading to sudden price shifts.
The phenomenon of “spoofing,” where large traders place orders to manipulate the market’s perception of supply and demand, is well-known in crypto circles.
This practice, while controversial, is not uncommon, and the recent Bitcoin price action has many traders on high alert.
Opinions among market participants are divided on what comes next for Bitcoin.
Some traders are bracing for a possible further decline, while others point to long-term indicators, such as the 200-day exponential moving average (EMA), as signs of a potential price recovery.
Notably, Bitcoin recently reclaimed its position above this key EMA line, a move that has historically preceded sharp price increases.
Adding to the market’s uncertainty, Bitcoin’s market capitalization saw a significant jump on August 8, growing from $1.08 trillion to $1.21 trillion in just one day.
This surge marked the second-largest single-day market cap increase in Bitcoin’s history, further intensifying the debate over whether the current market dynamics are a prelude to a bullish breakout or a bearish downturn.
