Bitcoin's recent price action has been a rollercoaster ride, with BTC circling around $83,000 as of March 30. After a volatile weekend that saw new ten-day lows, Bitcoin managed to recover from a dip to $81,600. Data from Cointelegraph Markets Pro and TradingView indicates that, despite the ongoing struggles in US stock markets, Bitcoin erased much of the recent downturn. Popular trader Daan Crypto Trades noted the significant volatility, suggesting that Bitcoin might open Monday where it closed on Friday, as most of the weekend's losses have been retraced.
Daan also highlighted the potential for a new gap in CME Groupâs Bitcoin futures markets due to recent erratic market behavior. While he hoped for a smooth opening without gaps, veteran trader Peter Brandt expressed skepticism about the stability of recent lows, suggesting a new lower price target for Bitcoin at $65,635.
Brandt's prediction aligns with other analysts also eyeing the $65,000 mark. Amidst these discussions, Keith Alan, co-founder of Material Indicators, raised concerns about a large-volume entity he dubbed âSpoofy, The Whale,â who has reportedly been manipulating Bitcoin's price lower. Spoofy utilized overhead liquidity to suppress Bitcoinâs price, preventing it from gaining traction above $87,500.
According to Alan, Spoofy has been buying the dip and has bids laddered down to $78,000. His observations suggest that while the potential for Bitcoin to drop remains, the whale's strategy indicates a desire to accumulate at lower prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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