The people or group of people who owns the large size of assets , those who could make a small minority effect to the market or even up to majority change in the market trends are called the Whale.

Whenever the market appears some significant changes in positive or even negative way, the Whale will be suspended and being a primary reason to support the market movement by traders.

In the trading scheme, there are the Biggers and the Smallers , both aim to gain the profits from the market , trying to find the best strategy for themselves to be survived.

But whenever get loss instead of profit, the Whale should not be determined as the cause. Since this loss is possibly caused by you, yourself that can not perform a best risk management to your own assets and can not understand well the market.

Last week when the market down, Bitcoin almost hit the all time high record, but no. Bitcoin price extremely moved downward. The Whale again became the reasons, Yes it possibly , but not for 100%.
There are too many traders in the market, they are learnt to apply the same technique to enter and exit. So whenever the technical indicator says Enter then they all enter, also whenever the technical indicator says Exit then they all exit. They are doing the same thing, so don't think about the different outcome by keep doing the same thing.

The $ 20K of Bitcoin price is a very important technical indicator, so there will be the reaction in some way when the price get close to this point. It is an ordinary market behavior, the price can be breaking out , move down or even side way. But there will always be some of the reactions from traders. The reaction from traders last week causing the BTC price down, and that's an additional reason we should think about other than blaming to the Whales.