DivXMaN
$44.2 Million in Bitcoin Dumped in 1 minute!
Bitcoin was trading at 47.7K at 01:09 UTC and we saw an inflow of roughly 1923 BTC ($91.7 Million at the time of transfer). At 02:00 (51 minutes later) we saw $44.2 Million in Taker Sell Volume. Either this is an incredible coincidence, or someone sold a lot of Bitcoin in a single minute. This led to liquidations as you would expect, which further dropped the price to 46.7K. The correlation here tells us this was likely a single entity or a coordinated group making this move. At this point I would stay vigilant in case this causes any further inflows / fear in an already fearful market. Until BTC hits above 52-53K to set in a higher high and break out of this consolidation pattern we have zero confirmation that the downtrend is over. Now in my case staying vigilant means selling my fiat for more Bitcoin whenever it goes down and so I've already added more BTC as it fell and I'm just another satisfied customer. Either way, hope this adds some insight into what just occurred.