Bitcoin (BTC) price plunged hard yesterday evidently on news of a petite exchange hack te South Korea. Previous series of events especially the one involving Mt. Gox have inculcated a practice of finding someone to blame ter the crypto community. Spil such, the visible target for many wasgoed Coinrail, a puny exchange that wasgoed also hacked yesterday. While many suspect that to be the primary reason behind Bitcoin (BTC) price crash, very few actually realize that a crypto exchange with a total daily trading volume of $Two,481,398 does not have enough fuel to light this zuigeling of fire.
The actual reason behind this crash, same spil always is market manipulation. Bitcoin (BTC) is commencing to get out of the dark phase and stir towards mass adoption. Large financial institutions can already see a Bitcoin (BTC) ETF coming ter 8 to 16 months time. Four years back, many big investors would not have expected that. However, things have turned out to be a lotsbestemming dispuesto for Bitcoin (BTC) and it has seen adoption at a much higher level than many expected. Thesis developments have te turn created a sense of urgency among big investors, including large financial institutions and banks to accumulate all they can before the market takes off.
Ter times like thesis, when Bitcoin (BTC) is already down from an all time high of $20,000 and those who are still holding on are reluctant to sell, market markets have only one option left to accumulate more Bitcoin (BTC) and that option is manipulation. Now, at $20,000 levels, that manipulation would have bot effortless and market makers would not have to do a lotsbestemming of work. However, when Bitcoin (BTC) wasgoed trading at $7,800, that manipulation required something far more complicated, that is violating market structure. Market makers know that many traders strongly believe te well defined market structure, so pushing the price below a solid support line would cause scare which would translate into further fright selling, providing them an chance to accumulate more Bitcoin (BTC).
Those tactics may work well ter other markets but with forex or cryptocurrencies, it is always a gamble. You never know if this scheme may work. Now, there is a consequence of that. If the price is shoved below the market structure and it then instantaneously rebounds and climbs above the support line it broke, that is known spil a failed breakout, which is one of the strongest sign of a reversal and te this case, a strong green light for the bulls. Wij have an chance to accomplish just that, spil can be seen ter the form of a green candle on the 4H chart.
Another interesting development regarding Bitcoin (BTC) is that the RSI level for BTCUSDShorts is about to reach its peak. The price for Bitcoin Cut-offs (BTCUSDShorts) also shows up to be headed to a resistance, while trading te a falling wedge. This is another strong indicator that suggests that the bearish impetus has run its course and a faltering sell pressure should pave the way for a rising Bitcoin (BTC) ter the days ahead.