The behavior of Bitcoin whales remains "suspicious" as crypto traders note the repetition of BTC price trends this week in connection with the release of inflation data in the U.S.
Key points:
Bitcoin whales are being blamed as "fake" transactions lead to BTC price falling below $110,000.
"Whale games" regarding Bitcoin mean that the price is repeating the behavior seen in early August.
Personal consumption expenditure inflation data in the U.S. is under close scrutiny and could be the next potential factor influencing market movement.
Today $BTC fell nearly 3% as attention shifted back to whale sell-offs.
"Phony" movements in Bitcoin's price raise suspicions
TradingView data showed that the BTC/USD rate fell by $3000 just hours before the local minimum of $109,436 on Bitstamp.
When the volume of liquidations of long positions in cryptocurrencies reached $350 million in 24 hours, traders blamed the whales.
"This is not noise. This is whale tactics"
a large influx of funds into the market maker Wintermute, including BTC and the largest altcoin $ETH
pressure from whales to sell affected BTC price dynamics throughout August, leading to a drop below $109,000 earlier this week.
BTC does the same thing over and over again, a pattern of consolidation, capitulation, breakouts, and rallies.
Looking at the BTC chart, we are in a capitulation phase. This may last a few weeks and provide good entry points. Keep an eye on it!
Cryptocurrency markets show uncertainty due to the release of U.S. consumer value data
Other factors contributing to the weakness of the BTC price include macroeconomic tensions related to inflation data in the U.S.
"Preferred" inflation measure of the Federal Reserve — the Personal Consumption Expenditures (PCE) index — was set to be released at 8:30 AM Eastern time.
Inflation data is crucial for cryptocurrencies and risk assets ahead of the anticipated interest rate cut by the Fed in September.
"The Fed's favorite measure could either spur a sell-off... or kick off a rally on the rise"
But we are now waiting for a rebound as we have already entered at levels of $110,000. I think this was one of the last chances. So we expect a rebound and strong growth. I think Bitcoin will confidently break $130,000 this year........... (orders are also waiting for ETH at levels of $4100 and $4070)
#bitcoin #Ethereum #Binance #altcoins
