The post Is this Bitcoin rally the fruit of manipulation?  appeared on BitcoinEthereumNews.com.

A cryptocurrency trader has raised alarm regarding Bitcoin’s (BTC) recent price fluctuations, suggesting that these sharp movements may be driven by market manipulation rather than genuine market fundamentals. Over the past two weeks, Bitcoin has experienced significant volatility, moving within the $65,000 to $52,000 range. These sharp fluctuations, both upward and downward, have raised questions about the underlying forces driving the market. RLinda, a well-known trader and analyst, highlighted Bitcoin’s struggle to break past key resistance levels, signaling a potential correction toward the $52,000 mark as downward pressure builds. Bitcoin’s bearish market structure According to the analysis, Bitcoin is currently trading within a sideways range. Despite a brief rally of 7% following a retest of the $59,000 level, this upward movement lacked strong technical or fundamental support. Bitcoin price analysis chart. Source: RLinda / TradingView RLinda observed that the price failed to break through the critical resistance zone near $65,000, leading to an 11% drop back to $59,000. Currently, Bitcoin is striving to maintain its position above the $62,000 mark, with many market participants believing that long-term bullish momentum persists for the asset.  For Instance,a recent analysis by Titan of Crypto suggested that Bitcoin could potentially surge to $105,000 in this ongoing market cycle. However, the false breakout above $65,000 confirmed a bearish market structure, with Bitcoin continuing to form a local downtrend. The formation of this downtrend within the broader sideways range between $65,000 and $52,000 is a key signal for traders.  The shift in market sentiment to bearish and the development of a downtrend channel observed on both daily and weekly timeframes are also significant indicators. Bitcoin key price levels to watch  Bitcoin is currently testing resistance near $63,400 as part of its recent rally. However, RLinda cautions that there is insufficient accumulation or technical strength to surpass…

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Filed under: News - @ October 13, 2024 6:11 pm