Key Points:
Bitcoin fell back below $113,000 at the Wall Street open as bulls failed to gain support.
BTC price manipulation is one explanation for the decline, with the liquidity of buy orders on the exchange order book coming into focus.
The Federal Reserve's Jackson Hole meeting is expected to bring more volatility to the crypto market.
Bitcoin (BTC) sought a new local low at the Wall Street open on Wednesday as bulls struggled to prevent another sell-off in the U.S.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD briefly reclaimed $113,000 after the daily open, before falling below that level.
According to CoinGlass data, as of the time of writing, the liquidity of buy orders on the exchange is being consumed, with $112,300 becoming the current area of focus.
Well-known trader Daan Crypto Trades summarized the liquidity situation over the past six weeks in a recent post on the X platform:
Keith Alan, co-founder of trading data service Material Indicators, stated that the increased liquidity of buy orders at lower levels on the order book (including a "cliff protection" at $105,000) could be a form of price manipulation.
Alan mentioned recent entities intending to influence price movements, referring to them as "Spoofy the Whale" and "Notorious B.I.D."
"It’s too early to draw conclusions, but the impact on price direction is consistent," he said.
Renowned commentator TheKingfisher further warned that Bitcoin may continue to "bleed," which would have significant implications for altcoins.
In a portion of his post on the X platform that day, TheKingfisher stated, "Altcoins are currently relatively balanced between bulls and bears, and a slight pullback may occur to liquidate high-leverage shorts, with momentum remaining stable."
Well-known trader and analyst Rekt Capital brought some positive news, comparing the current price action to previous bull market pullbacks.
"One of the most positive things about the current pullback is that this type of pullback occurred at the same time during the 2017 and 2021 cycles," he told his followers on X.
The minutes from the Federal Reserve's July Federal Open Market Committee (FOMC) meeting are set to be released, and trading firm QCP Capital will be focusing on Chairman Powell's speech at the Jackson Hole Economic Symposium on Friday.
Amid increasing pressure for interest rate cuts, Powell will appear at the Federal Reserve's annual Jackson Hole Economic Symposium.
According to Cointelegraph, Powell signaled potential interest rate cuts last year. The market will closely monitor his statements to assess whether a rate cut will materialize at the September meeting.
QCP stated in their latest "Asia Color" update on Wednesday: "This meeting is crucial as it weighs the trade-off between easing inflation and rising labor risks, determining the path of monetary policy."
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Original: “Bitcoin Analysts Point to 'Market Manipulation' as BTC Price Falls to 17-Day Low”
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