Recent developments in the Bitcoin market have once again attracted the attention of analysts and investors. While the Bitcoin price hovered around $83,000 on March 30, volatility over the weekend caused new lows within ten days
Recent fluctuations in the Bitcoin price have caused turmoil in the markets. On March 30, Bitcoin was hovering around $83,000, having fallen to $81,600 the previous day. This weekend volatility led to new lows within ten days. Despite the ongoing sell-off in the US stock markets, Bitcoin was able to recover most of its losses and stabilize compared to the previous close on Wall Street.
A well-known trader, Daan Crypto Trades, commented on the situation, noting that the volatility was unusually high for a weekend. He pointed out that the Bitcoin price could potentially open Monday where it closed Friday, as most of the decline had already been recovered. Daan Crypto Trades also expressed hope that no new gap would appear in the CME Group’s Bitcoin futures market, which could shift the focus to other market movements.
Other analysts are less optimistic about a short-term recovery in the Bitcoin price. Veteran trader Peter Brandt expressed doubts about the stability of the multi-month lows reached earlier this month. Brandt predicted a new, lower Bitcoin price, citing a bearish pattern pointing to a price of $65,635.
Meanwhile, Keith Alan, co-founder of the trading resource Material Indicators, updated his observations and reiterated his suspicions about possible Bitcoin price manipulation by a large entity he calls ‘Spoofy, The Whale.’ This entity has allegedly been suppressing the price in recent weeks by using liquidity to prevent it from rising above $87,500.
This type of order book manipulation, known as ‘spoofing,’ is not uncommon in the crypto market and can affect both supply and demand liquidity. Alan suspects that ‘Spoofy’ is taking advantage of the current price drop to buy Bitcoin and has placed bids as high as $78,000. This could be a sign that the whale that has been suppressing the Bitcoin price for the past three weeks is pursuing a cost-average strategy to profit from current prices.
Overall, the future of the Bitcoin price remains uncertain. While some analysts are hopeful for a recovery, the possibility of further price declines remains. The activities of ‘Spoofy the Whale’ and other major market participants could continue to have a significant impact on price developments.
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