Bitcoin Price Drop Nets Bitfinex 'Whale' $10 Million in 5 Minutes

Late Saturday night on Feb. 15, Bitcoin price briefly reclaimed the $10K mark after a tumultuous day of trading that saw the price drop 5.35% to $9,853.

In the immediate aftermath of Bitcoin's sharp price correction crypto-Twitter began to speculate that Bitcoin whales were at play.

Some traders pointed to a well-known Bitcoin whale called Joe007 as one of the players partially responsible for Saturday's correction.

Now that the smoke has cleared and the price appears to have stabilized we can take a look at the charts to see what or where Bitcoin price might go next.

In the event that $9,400 fails to provide support, Bitcoin's price could drop to the 50-day moving average at $8,800.

After an amazing multi-week rally which saw Bitcoin price move from $6,853 to $10,497, many traders already believed that the digital asset was overdue for a correction.

As the weekly close approaches, traders will want to see Bitcoin reclaim and hold $10,000 and fingers will be crossed that the $10.1-$10.3K area has not flipped from support to resistance.

At the time of writing the 6-hour timeframe shows Bitcoin riding along the 50-MA, making higher lows and attempting to push above the lower trendline of the rising wedge.

An encouraging development would be to see Bitcoin tackle $10K then push to the Bollinger Band moving average at $9,200.

Bitcoin wasn't the only asset to undergo a sharp correction on Feb.15.