Bitcoin experienced a sudden drop on June 20 as a slow climb past $66,000 quickly disappeared. Traders were caught off guard by the volatile market conditions.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached $66,455 on Bitstamp before plummeting $2,000 shortly after. Material Indicators pointed fingers at large order book players, known as whales, for manipulating the market.
Analysis from Material Indicators revealed that whales were spoofing bids in the order book, causing confusion among traders. CoinGlass also reported that the focal point for liquidity was around $64,250 at that time.
In another development, BTC confiscated by the German government was moved onchain, stirring up debate in the crypto community. Some traders hoped that this could lead to a positive outcome for the market.
As the day progressed, both long and short BTC positions felt pressure from the volatility, with shorts suffering losses. Meanwhile, jobless claims in the United States provided mixed signals on economic progress and inflation.
Financial commentator Tedtalksmacro highlighted the correlation between BTC price performance and Federal Reserve liquidity conditions, emphasizing the importance of monitoring macroeconomic data in the crypto market.
It is important to note that this article does not offer investment advice. Readers are advised to conduct their own research before making any investment decisions.