What precisely happend here?

It looks like someone sold a lot of BTC in 1 minute forcing the price to 51k, yet it bounced back instantly, looks very weird on the chart. A whale might have sold? But why would they dump so much in 1 minute, they lose a lot of money this way. Or it could be a glitch, how are your charts looking?

Definition of a BTC Whale:

Large bitcoin holders are called whales because their movements disturb the waters that smaller fish swim in. Following the 80-20 rule (also known as the Pareto principle), the top 20% of bitcoin holders have more than 80% of bitcoin value in U.S. dollars. According to BitInfoCharts, just three bitcoin wallets owned 3.07% of all the bitcoin in circulation as of Q2 2021 with a value of just around $27.8 billion, and the top 100 wallets held around 18% of all bitcoin valued at around $150 billion.31

Whales can be a problem for bitcoin because of the concentration of wealth, particularly if it sits unmoved in an account and lowers liquidity, which, in turn, can increase price volatility. Volatility is further increased if the whale moves a large quantity of bitcoin at once. If the seller is trying to sell bitcoin for state currency, the lack of liquidity and large transaction size could put downward pressure on the price of bitcoin, as other market participants see the transaction and also try to sell, creating a fire sale.

Because large holders may try to sell their assets in smaller amounts over a longer period to avoid drawing attention to themselves, they can produce market distortions, sending the price up or down unexpectedly. Whales create the conditions for speculation among the little fish, which can result in a vicious cycle where prices become untethered to underlying fundamentals.

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