Bitcoin whales are pushing the price of BTC below $109.5k.
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 US inflation data.
Key points:
Blame is placed on Bitcoin whales as "fake" transactions lead to a price drop $BTC below $110,000.
"Whale games" regarding Bitcoin mean that the price is repeating the behavior of early August.
Data on inflation of personal consumption expenditures in the US is under close scrutiny and could become the next potential factor affecting market movements.
Today $BTC has fallen nearly 3% as attention once again focused on whale sell-offs.
Hourly BTC/USD chart. Source: TradingView.
"Phantom" price movements of Bitcoin raise suspicions.
TradingView data showed that the BTC/USD price fell by $3000 within a few hours to a local minimum of $109,436 on Bitstamp.
When the volume of long liquidations in cryptocurrencies reached $350 million in 24 hours, traders blamed the whales.
Crypto liquidations (screenshot). Source: CoinGlass.
"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 the price dynamics of BTC throughout August, leading to a price drop below $109,000 at the beginning of 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 the capitulation phase. This can last for several weeks and provide good entry points. Keep an eye on it!
Weekly BTC/USDT chart.
Cryptocurrency markets are showing uncertainty regarding the release of US consumer value data.
Other factors contributing to the weakness in BTC price include macroeconomic tensions related to US inflation data.
"The preferred inflation measure of the Federal Reserve — the Personal Consumption Expenditures (PCE) index — was supposed to be released at 8:30 AM Eastern Time."
Inflation data is crucial for cryptocurrencies and risk assets ahead of the anticipated rate cut by the Fed in September.
"The Fed's favorite indicator could either spur a sell-off... or kick off a rally on the rise."
But we are now expecting a bounce as we have already entered at levels of $110,000, I think this was one of the last chances. So we expect a bounce 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)
