12,000 Bitcoin Sell Order Sparks Fears of Whale Manipulation
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
A massive 12,000 Bitcoin sell order placed on Binance today ignited concerns about potential whale manipulation, putting Bitcoin’s price under intense scrutiny.
This scrutiny follows Bitcoin’s price surge earlier today, which saw the cryptocurrency peak at $62,510.58 before encountering strong resistance and dropping 3% against its daily opening value.
Market analysts point to a possible link between the resistance above $62,000 and a significant sell order. Monitoring resource CoinGlass, reporting on X, identified this substantial order of 12,000 Bitcoins placed between $61,200 and $62,500.
The suspicious sell order, interpreted as a potential red flag for market manipulation, has fueled fears of whale manipulation.
This practice, often called spoofing, involves large-volume traders placing a series of orders above or below the current market price. These orders, intended to artificially move the market in a desired direction, are then often canceled before execution.
Spoofing is, unfortunately, a common practice across various financial markets.
Popular trader Daan Crypto Trades dismissed the disparity between bid and ask liquidity, noting that the sell order “can get pulled at any time.” Instead, the trader noted the order book activity could provide some needed relief from recent volatility, as a temporary “cool off” as the price consolidates.
#Bitcoin $750M in orders above & $300M in orders below price.
And that's just on Binance.
This could temporarily cool off volatility for a while as price is stuck between these walls. Keep in mind,
