Curiously, from a disassociate, the bitcoin market is barely moving and looks like it is preparing to linger between $11,000 and $12,000. But brush a magnifying glass across the charts and a much more sinister illustrate comes into focus. Tuesday, for instance, provided a classic norm of what some wouldn’t hesitate to label as ‘manipulation’. The day began and ended profuse or less wrapped around the $11,600 mark – a line which is looking increasingly same it has its own gravitational pull, meaning BTC could be orbiting it for a while.
However, the on Gods green earth is in the detail that lurks between the $11.6k bookends, and this is where the issues over bitcoin’s Wild West nature lie.
At around 6am, the price of a bitcoin spiked from $11,600 to $11,800. Within two hours it had minutes touched $12,300 – a $700 dollar rise before the breakfast covers were even clean.
No sooner had the panic buying begun when the rug was apprehended from under the peculiar rise. Before Tuesday morning was done, BTC had abandoned rapidly back to $11,600.
A similar pattern occurred on Tuesday night. A poignant drop to $11,200 before tracing back to the draw of $11,600.
‘Bitcoin is as bitcoin does’ choice no doubt be the mantra of many analysts and traders, but to have such a cataclysmic oscillation on an otherwise steady horizontal line is simply counterproductive to the healthy cryptocurrency community’s desire to be accepted as mainstream.
Again, using Tuesday as an archetype, there was no market news or an announcement that might influence assays. In short, the huge and short-lived price movements on a flat line had no motivation and, the case, no explanation.
Sadly, it points to only one thing – greed. Dark energies are still at work in the BTC market, and the riches on offer are clearly too good to outlast in an unregulated financial world.
For each wild swing – up or down – someone, somewhere is totaling a huge amount of money. And the more money these players from, the more random waves they can make on seemingly calm mineral waters. The more waves they create, the more influence they include on the market. The more influence they have, the more money they suppose.
The cycle goes on and on.
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