NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Raydium DEX's AMM Program Exploited For $1.34 Million — Here's What Went Wrong
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Raydium DEX's AMM Program Exploited For $1.34 Million — Here's What Went Wrong

A Big Whale on BitMEX Sold Bitcoin Worth $5 Million

Yashu Gola
Yashu Gola
Last Updated: June 11, 2024 1:41 pm
2 mins read
pump and dump

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

WhaleTrades, a Twitterati who tracks the large 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

— Malleable Gold (@MalleableGold) February 7, 2020

Bitcoin Calls that Followed

Minutes before the big sell order, Bitcoin had soared above $9,890 to establish a new year-to-date high. However, the rally fizzled within minutes to near $9,737, 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.”

https://twitter.com/SalsaTekila/status/1225748052721512453

Bitcoin’s $150 crash from $9,890 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 new 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.

Large wicks formed during an uptrend – especially those that establish new swing highs – tend to behave as bias-reversal signals. Forex analyst William Adkins writes:

“A long wick indicates buyers have bid the price up. Typically, sellers then move in to take advantage of the high price. The selling pressure drives the price back down. An alert trader can use a long wick to anticipate a change in the direction of price movements.”

A Small Bounce Underway

The BitMEX XBT/USD 15M chart showed the pair attempting a bounce-back. The price pulled back from the intraday low of $9,737, albeit weakly, leaving an impression of an extended bearish correction as the session matures.

bitcoin, cryptocurrency
Bitcoin hinting a breakdown as dumping sentiment grows | Source: TradingView.com, BitMEX

So it appears, bitcoin is trending inside a near-term Ascending Channel, now testing its lower trendline as support. A bounce-back from here could show traders’ likelihood of continuing the uptrend. On the other hand, a breakdown could spill fears of a price crash towards the blued 200-period moving average (at around $9,687).

bitcoin, cryptocurrency
Bitcoin maintains bullish bias despite breakdown alert | Source: TradingView.com, BitMEX

The daily chart, on the other hand, preserved bitcoin’s bullish bias. The price weakened but maintained above a critical support level defined by $9,608 – the 36.8% Fibonacci retracement level measured from a swing high of $20k to a low of $3.2k.

The redded Falling Wedge further indicated that bitcoin is undergoing a breakout to the upside, targetting $13,000.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

SEC regulatory framework for crypto asset custody

TopNod Wallet Debuts Access to Axil’s APT (Axil Pot), a T+0 On-Chain Yield Product for Everyday Idle Liquidity

Offering ~8% Target APY and Instant T+0 Liquidity with an Initial $10M Capacity Cap   Singapore, October 1, 2026 —TopNod...

BlockmanPR 5 days ago
FinCEN regulatory policy document on crypto wallet guidelines

MEXC adds another 1,000 BTC to Guardian Fund, strengthening user protection

Mutsamudu, Comoros, October 1, 2026 – MEXC, a pioneer in 0-fee digital asset trading, today announced the addition of another...

BlockmanPR 5 days ago
Solana blockchain atomic settlement tool

EigenLayer Unveils Dual-Staking Extension For Bitcoin Asset Security

In a major development confirmed on SEPTEMBER 30, 2026, Confirmed announcement/filing for EigenLayer Unveils Dual-Staking Extension For Bitcoin Asset Security....

NewsBTC Editorial Team 6 days ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin accumulation and corporate treasury acquisition

Genius Group Restarts Bitcoin Buying With 10 BTC Purchase

NewsBTC Editorial Team 8 hours ago
Federal court justice and legal enforcement

Justin Sun Prize’s New Round Honors Human–AI Collaboration on Erdős Problems

BlockmanPR 1 day ago
Perpetual futures contract trading desk

MEXC and Payward Signal Intent to Explore Broader Collaboration Ahead of TOKEN2049

BlockmanPR 1 day ago

Premium Sponsors

Press Releases

  • US Capitol building and congressional election policy

    Best Crypto to Watch: ConConAI ($CON) Reaches CoinMarketCap...

    5 days ago
  • apple

    How to Spend Crypto on Apple Pay in 2026 (No Selling)

    3 weeks ago
  • LBank Launches Card Referral Campaign to Accelerate...

    3 weeks ago
  • LBank Launches 72-Hour Mystery Box Challenge on LBank Pay...

    3 weeks ago
  • LBank Kicks Off Cash Payment Challenge to Reward Users for...

    4 weeks ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.