Bitcoin fell below $64,000 on July 24, with HTX market data showing BTC at $63,981.00, down 1.51% over the past 24 hours. The move came as trader Killa (@KillaXBT) pointed to what he described as the return of Binance’s “crash protection team,” a phrase he used to describe large bid orders sitting just below spot price. According to Killa, when those bids begin to track closely under the market, market makers and trading algorithms often move in front of them for a period of time. A screenshot shared by the trader showed multiple horizontal buy layers starting around $62,000 below the current BTC price, with the densest and most visible cluster appearing from roughly $58,000 downward. BlockBeats said a similar setup was seen on the night of the broad market sell-off on June 6.
Bitcoin fell below $64,000 on July 24, with HTX market data showing BTC at $63,981.00, down 1.51% over the past 24 hours.
Trader points to buy orders below spot on Binance
Earlier, trader Killa (@KillaXBT) said, “Binance’s crash protection team is back. Usually, when large bid orders start tracking closely below price, market makers and algorithms tend to front-run them temporarily.”
A screenshot shared by Killa showed multiple horizontal lines appearing below Bitcoin’s current price starting from about $62,000, with the most concentrated and clearest layer of buy orders sitting around $58,000 and lower.
BlockBeats said a similar pattern appeared on June 6 during a night of broad market declines.
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