It's not pretty. red candles and high volume, no one wants to buy high, everyone wants to buy discount
This has been a constant refrain in the last 4 days or so that I've been closely monitoring BTC. Everyday, I see at least one huge selloff followed by an ascent that goes right back up to where it got sold off. I could understand if this happened once every blue moon. But this looks like downright manipulation to me.
I've read that price of bitcoin is being suppressed. Someone bought $5B and may not be done accumulating, yet Is that your take on the chart or other way around?
It could be. But who really knows? It just looks very suspect. You don't see a 5-minute candle that nosedives for no apparent reason, only to see price recover later as if nothing happened. Other markets that I follow don't move like this.
Bitcoin is a true digital scarce asset. Low float. Less than 2 million bitcoins on exchanges https://www.coinglass.com/Balance What happened on this bull market cycle is that we had careless traditional finance people, that sold bitcoins that belonged to others, gambled bitcoins on trading markets that did not belong to them, loaned out bitcoins to others for under collateral, or no collateral, or illiquid collateral Most of the people and companies above have been wiped out
So if you wanted to unload a good quantity of bitcoin wouldn't you wait until the price got above your asking then throw a bunch to the market to test it. Sounds no different that the 1920s stock operators who test the market by selling a large number of shares.