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Look at the candle at the bottom - pure "leverage hunting" ie market makers or large traders deliberately moving the price to areas where they know there are many stop-loss orders or liquidation levels.

From top to bottom $6000 in 10 hours.

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redoak

I have asked this before and I realize market makers look for the liquidity. If you look at a lower time frame like the hourly when this happens it is across all the Cryptos I follow. Why is that? Does it trigger something in some secret system that makes them all dump? Do they coordinate together? So many questions. I would like to see an in depth video on how this is done rather than everyone just saying its the market makers

Henk

Most likely there are a lot of automated bots that track the price of BTC. Once they see a dip in BTC price they start automatically selling or even shorting other cryptos. High-frequency traders specialise in trading in a small fraction of a second, which makes the selloff seem instant in all assets. That's my hypothesis anyway.