Bitcoin has started a new week with a sharp price drop, leaving traders awaiting further market developments. Following a recent all-time high, the price of BTC has decreased by over $10,000.
Market Situation and Bitcoin's Price Drop
The price drop for Bitcoin came just days after achieving a new all-time high above $124,500, similar to a scenario experienced in 2021. The BTC/USD prices fell by 2% within hours, increasing the total drawdown by over $10,000 since the peak. Traders are anticipating possible declines to new local lows in the coming days.
Market Manipulation Analysis
Some traders suggest that the current price drop may be attributed to market manipulation. According to CrypNuevo, the sharp drop in Bitcoin's price is linked to an organized sell-off that triggered $1 billion in liquidations over 24 hours. He believes that a large buyer on a crypto exchange was attempting to scoop up those liquidations in anticipation of a price rise.
Outlook and Influential Events for Bitcoin
Traders are also watching the upcoming Federal Reserve's symposium in Jackson Hole, where Chair Jerome Powell is expected to speak. This event may influence expectations regarding future monetary policy. Concurrently, hopes for a resolution to the Russia-Ukraine conflict are also beginning to impact the market.
The current situation in the Bitcoin market is unstable, and traders are continuing to analyze both internal and external factors affecting the price. Significant events ahead may sway future price fluctuations.
