The Bitcoin (BTC) price fell further yesterday and is now around $82,600. This further increases the distance to the $90,000 limit and increases uncertainty among investors. While gold and silver reached new highs in recent days, Bitcoin lagged behind.
According to an analyst, this weak phase is no coincidence and one major party is deliberately keeping the price in check.
Analyst sees more than just market turmoil
Bitcoin fell to a low of $81,300 last night after a turbulent day on the stock market. Poor reactions to new figures from Microsoft caused nervousness on Wall Street. Technology stocks fell and the Nasdaq ended up in the red.
Investors massively opted for certainty, which also dragged Bitcoin down. The price fell towards $81,000 and even gold and silver took a temporary hit.
However, Keith Alan, co-founder of analysis platform Material Indicators, looks beyond general market sentiment. According to him, unrest on the stock market does not fully explain why Bitcoin continues to struggle to recover. Based on order book data from major exchanges, he sees striking trading behavior. In a message on X, Alan states that one major player with large orders is deliberately keeping the price under control.
According to Alan, a so-called liquidity herding strategy is used. Large buy and sell orders are placed to steer the price in a certain direction. “The data shows that the Bitcoin price is being actively suppressed by one entity,” he writes. According to him, this can be done to buy Bitcoin cheaper, or to keep the price low until the expiry of options later this week.
Month-end closing becomes a crucial moment
In the order books, Alan previously saw a lot of buying interest between $85,000 and $87,500. That area then served as important support and gave the market something to hold on to. Now that the Bitcoin price has fallen to approximately $82,600, that support has been broken. According to Alan, this makes the market more vulnerable and it becomes extra important whether buyers show up again at lower levels.
That is precisely why Alan points out the importance of the month-end closing. If Bitcoin closes below $87,500, he sees that as a negative signal for the coming period. He calls that level the “gateway to Bearadise”, by which he refers to a possible longer bearish phase.
Some analysts are now looking further ahead and using technical models such as the Wyckoff method. This indicates that Bitcoin may first make a final dip towards $80,000 before a recovery can follow. Whether that scenario will become reality remains uncertain.
Source: https://newsbit.nl/analist-bitcoin-koers-wordt-actief-onderdrukt-door-een-partij/
