After a strong rally experienced at the beginning of April,
the price of Bitcoin maintained an uptrend that led many to think the bearish
season was over.
However, every strong trend carries a risk of a natural
correction, and that moment seemed to come on May 16, 2019, when abruptly and
seemingly unexplained, Bitcoin dropped from 8000 to 6900 in two days.
Bearish comments soon appeared, and many went to Crypto Twitter to use this sharp drop as an argument to question those who claimed the market is close to experiencing a bull run.
Bitcoin Didn’t Crash… It Was Just a Sell Wall
In the absence of a logical explanation from the point of view of technical analysis, a tweet by Dovey Wan seems to have found the reason for this recent downturn. An anonymous trader placed a huge position in Bitstamp, creating a sell Wall of almost 5000 BTC at a price close to 6600 USD.
This is what happened 1. A jackass put up an aggregated sell of 5000 $BTC on stamp 2. Stamp poor depth + algo glitch? 3. Bmx index is 50% on stamp 4. Massive Bmx liq tanked the mkt 5. Despite all