Bitcoin (BTC) hovered around $83,000 on March 30, following a weekend marked by volatility that drove it to new ten-day lows. Data revealed that BTC/USD was steadily bouncing back after dipping to $81,600 the day before. With no significant selling pressure from the ongoing downturn in US stocks, Bitcoin was able to recover much of its losses, bringing its value back in line with the last Wall Street closing price.
“Quite the weekend volatility indeed,” noted popular trader Daan Crypto Trades in a recent update. “It looks like we might start Monday where we ended on Friday, as the majority of the downturn has been reversed.”
Daan Crypto Trades also highlighted the possibility of a gap forming in the CME Group’s Bitcoin futures markets because of these erratic market movements. “It would be nice not to open with a gap for once, allowing us to focus on everything else,” he remarked, adding that a significant week lay ahead.
Meanwhile, not everyone shared an optimistic view regarding Bitcoin’s immediate future. Veteran trader Peter Brandt expressed skepticism about the stability of the recent lows. “I don’t have much confidence in inverted head and shoulders patterns with slanted necklines. Those with horizontal necklines are much more dependable,” he commented, sharing a revised lower price target for BTC. “Bear wedge completed; we’re looking at a 2X target stemming from the double top at 65,635.”
Brandt’s prediction aligning with a $65,000 BTC target wasn’t the only one making waves. In his market analysis, Keith Alan, co-founder of a trading resource, reinforced his belief that a significant player had been manipulating BTC prices downward lately. He referred to this entity as “Spoofy, The Whale,” suggesting it had leveraged overhead liquidity to suppress the price and prevent it from gaining momentum beyond $87,500.
This type of market manipulation, known as “spoofing,” is common in the crypto space and typically involves both bid and ask liquidity. “While I can’t confirm it’s the same entity utilizing ask liquidity to influence the price toward their bids, it certainly seems like Spoofy has been accumulating during this dip and has bids set down to $78,000,” he concluded.
An annotated chart outlined key liquidity clusters considered questionable in origin, leading Alan to express cautious optimism. He stated, “Ultimately, none of this guarantees that BTC can’t drop further, but it does suggest that the whale holding BTC down has been employing a dollar-cost averaging strategy to buy this dip… and so am I.”
This article does not provide investment advice or recommendations. All investment and trading decisions carry risk, and readers should conduct their own research before deciding.