WhaleTrades, a Twitterati who tracks the bulky crypto transactions, alerted that a big whale on BitMEX sold $5 million worth of bitcoin at $9,749.69.
BitMEX $BTC Whale:$5,000,000 worth of #Bitcoin sold at $9,749.69 12:13:43 2020/02/07| EXIT ALL CRYPTO MARKETS
— WhaleTrades (@WhaleTrades) February 7, 2020
Minutes before the big sell order, Bitcoin had soared above $9,880 to establish a new year-to-date high. However, the rally fizzled within minutes to near $9,760, leaving traders under the impression of a pump and dump behavior.
Full-time trader Salsa Tekila warned about a potential bitcoin flash crash shortly after noticing a long candle wick formation on short-term charts. The analyst said he was exiting all his bitcoin positions because of the “risk of [a] flash dump.”
/7 New yearly highs got sold hard into, I was greedy and didn't close where I should've (9880$).
I'm fully out, risk of flashdump too high from here.$BTC pic.twitter.com/ii5yDBhBJO
— SalsaTekila (JUL) (@SalsaTekila) February 7, 2020
Bitcoin’s $100 crash from $9,885 triggered similar bearish calls from other traders. TraderMJ, for instance, confirmed that he was taking liquidity on the possibility of a volatile price reversal. The trader added that he is not going to open any fresh short position, believing that the market is still in an uptrend.
“Not shorting, because I don’t do that in an uptrend, but tethering up and bit and looking to buy back at either 9700 or 9500 ( preferably 9500),” tweeted TraderMJ.
Not a Dump, Yet
This story is being updated. The post appeared first on NewsBTC.