• Bitcoin has recently been experiencing increased volatility and traders are speculating that the price is being manipulated.
• The asset’s price has seen significant ups and downs, with a recent peak above $30,000 before quickly dropping back down again.
• Traders have warned of manipulation as this pattern continues and advised caution until the cycle ends.
Bitcoin Price Volatility
Bitcoin’s price has been highly volatile in recent weeks, starting off May with similar patterns. After closing above $29,000 for the last three days, Bitcoin is now trading for $28,617.71 at the time of writing according to CoinGecko data – representing a 2.3% drop in value over the last 24 hours.
The sudden drops and price surges have led some traders to suspect that Bitcoin’s price is being manipulated. Prominent crypto trader „Algod“ questioned why there seemed to be no new money flowing into Bitcoin given its potentials during this period of uncertainty in the banking sector while „Duo Nine“ alleged that someone was pumping up prices and then unloading bags upon unsuspecting buyers who were lured by FOMO (Fear Of Missing Out). North Rock Digital Founder Hal Press described Bitcoin’s latest price action as “bait”.
Advice for Traders
Traders have been advised to remain cautious till the current cycle ends and not be taken in by any apparent ‚bait‘. Algod urged traders to question whether Bitcoin was doing what it should be doing given its potential considering current market conditions while Duo Nine warned that ‚pumps are scams‘ until this pattern changes.
Bitcoin’s high volatility recently has caused some traders to question whether or not its price is being manipulated. As such, traders have been warned against buying into any possible ‚bait‘ and asked instead to exercise caution until the current cycle ends.