Bitcoin (BTC) fell victim to large order book players on June 20 as its slow grind above $66,000 evaporated.
Bitcoin traders are caught in a new wave of volatility.
BTC/USD hit $66,455 on Bitstamp before Wall Street opened, according to data from Cointelegraph Markets Pro and TradingView.
This uptrend hardly lasted, however, as a sudden reversal caused the price to fall by $2,000.
By analyzing the latest movements, our trading resource important indicators place a firm charge at the whale’s door.
“FireCharts shows whales spoofing bids in order book,” FireCharts confirmed to X (formerly Twitter), citing data from one of its own trading tools.
“Monday’s $60,000 buy wall was pulled back shortly after the daily open, and another buy wall that appeared at $66,000 appears to have disappeared just 45 minutes later.”
Real-time coverage of the BTC order book pair from monitoring resource CoinGlass confirms that the new focus of liquidity is around $64,250 at the time of writing.
Another topic of contention on the day was the on-chain movement of confiscated BTC belonging to the German government. This is the process that Cointelegraph reported the previous day.
Popular trader Daan Crypto Trades hoped that history might repeat itself as a result.
“Another good example,” he said to X number of subscribers.
“I can’t remember a time when government coin movement/selling didn’t result in a sale, big or small, marking a local bottom.”
CoinGlass data confirms that long and short BTC positions are feeling the heat from intra-day volatility, with shorts suffering losses so far.
Claiming Unemployment Benefits Avoids Big Mistakes
Meanwhile, the latest US macro data provided mixed signals on developments and inflation.
Related: Bitcoin Price Uptrend Is ‘Saint’, Holders Earn 120% Gains — Research
Unemployment claims for the week through June 15 were 238,000, down 5,000 from the previous week, compared to the expected 238,000.
As Cointelegraph reported, cryptocurrency markets continue to be sensitive to the printing of 2024 employment data.
“Job vacancies are at COVID-19 and GFC lows. This represents a business and liquidity cycle low, not a high,” financial commentator Tedtalksmacro said today.
Tedtalksmacro previously highlighted the continued correlation between BTC price performance and Federal Reserve liquidity conditions.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.