In recent weeks, Bitcoin has set new records, but after hitting a peak of $123,250, a sharp drop followed. This situation has raised many questions among traders and analysts.
Sharp Rise and Fall of Bitcoin
Yesterday, Bitcoin reached a level of $123,250 before retracting to $117,200. Market participants began to doubt the sustainability of this rise. One of the main questions became the potential price manipulation.
Technical Signals and Warnings
According to analysts, signs of manipulation are evident. For instance, the Material Indicators system suggested that traders should not fall for the temptation of buying around the $120.5k mark. Additionally, the RSI indicator reached 75, indicating overbought conditions. Decreasing stablecoin reserves on crypto exchanges may curb market enthusiasm.
Outlook and Potential Catalysts
Despite the correction, bullish signals persist. The upcoming publication of a key White House report on crypto strategy on July 22 may influence the market. Furthermore, the unstable macroeconomic situation in the US could drive investors toward Bitcoin as a scarce asset.
The crypto market remains in a state of uncertainty. While bullish signals persist, pressure from macroeconomic factors and internal manipulations may affect Bitcoin's price movement.
