Bitcoin fell sharply ahead of the U.S. stock market open on July 24, according to HTX market data, sliding more than 0.6% in roughly 10 minutes after 9 p.m. and last trading at $64,395.54. The move came after trader Killa (@KillaXBT) said Binance’s so-called “crash protection team” had returned. In his post, Killa wrote that when large bid orders begin tracking just below price, market makers and algorithms often move ahead of them for a period of time. A screenshot shared by the trader showed multiple horizontal lines appearing below Bitcoin’s spot price starting around $62,000, with the densest and most visible layer of bids sitting from around $58,000 and lower. Killa also said a similar setup appeared on June 6, during a night when the broader market saw a sharp sell-off.
Bitcoin fell sharply ahead of the U.S. stock market open on July 24, dropping more than 0.6% in roughly 10 minutes after 9 p.m., according to HTX market data. BTC was last quoted at $64,395.54.
Earlier, well-known trader Killa (@KillaXBT) wrote, "Binance’s crash protection team is back. Usually, when large bid orders start closely following below price, market makers and algorithms tend to front-run them temporarily."
A screenshot shared by Killa showed multiple horizontal lines below Bitcoin’s current price beginning at around $62,000. The heaviest and clearest layer of buy orders appeared around $58,000 and lower.
Killa said a similar pattern appeared on June 6, on a night when the broader market saw a steep sell-off.
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