Tanya Abrosimova
Independent Analyst
- BTC/USD gains 2% on an daily basis amid mild recovery.
- The slump was potentially caused by OKEx statement.
Bitcoin is changing hands at $7,115, which is 2% higher from this time yesterday and 1% higher since the start of the day. The digital coin No.1 dropped below $7,000 handle on Friday, for the first time since July, and extended the decline early on Saturday, but fresh buying orders located under $7,000 support enhanced by 50-DMA, stopped the downside.
One Bitcoin whale may be responsible for the recent sell-of as on Friday OKEx, a Hong-Kong based cryptocurrency exchange, stated that it had to liquidate a large Bitcoin position worth of $420M. dis
"The client with user ID 2051247 initiated an unusually large long position order (4168515 contracts) at 2am on July 31 (HKT) and triggered our risk management alert system. Our risk management team immediately contacted the client, requesting the client several times to partially close the positions to reduce the overall market risks. However, the client refused to cooperate, which lead to our decision of freezing the client’s account to prevent further positions increasing . Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account."
The incident happened on July 31, which means it might be the trigger that pushed Bitcoin from $8,175 to $7,629 in a matter of hours. However, the exchange disclosed it only on August 3, causing another wave of panic.
BTC/USD, a daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.