Bitcoin Price Crash, Explained By Willy Woo

The price of Bitcoin drastically dropped the other day, and this led to massive panic among some crypto enthusiasts.

Bitcoin price crash

But investors also know that this is the best time to buy the dip as well.

Earlier today, we revealed that BTC probably saw its bottom.

t the moment of writing this article, BTC is trading in the red, and the king coin is priced at $47k.

It seems that crypto traders are having a rough weekend. Bitcoin crashed more than 16% from $52,000 to $43,500 in the span of about thirty minutes.

As the online publication the Daily Hodl notes, Ethereum and the altcoin markets followed BTC’s sudden meltdown, with ETH sinking from $3,983 to a low of $3,497 in the same time frame.

Looking at long-term time frames, Bitcoin has not invalidated its overall bull trend, according to Vays.

“We’re still in a general bull market here. We’re not really in danger of going into a bear market so we shouldn’t be shorting at any time during a bull market… the weekly chart is looking good on a long-term moving average, so let’s make sure we hold this moving average.”

Willy Woo explains the price crash

Willy Woo posted the following relevant tweet:

Someone said: “spoof is like fake orders. Whales open long positions in a big support to make people believe it’s a big support, so that these noob retails buy the dip/support And then whales close it, they cancel the order. So no support anymore. Retails got fu*ked and rekt again.”

Woo also said: “FWIW this practice was rife on BitMEX but it disappeared when the founders were arrested and a new management team came in. Comes down to whether exchanges want to clamp down on the practice.”

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.