Although Bitcoin (BTC) rose slightly with the positive news coming from the US, this rise is short-lived. BTC cannot exceed a certain level in these rising waves.
At this point, trading platform Material Indicators said in its latest market assessment that Bitcoin has failed to surpass $87,500 and is stuck in a certain range.
Explaining the reasons for this, Material Indicators analysts stated that the Bitcoin price could not be increased by whales.
According to analysts, the Bitcoin price was capped at $87,500 due to the manipulative activities of large-volume trading organizations commonly referred to as “whales.”
These whales are using the “Spoofy the Whale” tactic, known as spoofing on the global trading platform Binance.
Within the scope of this tactic, liquidity above the current price is manipulated by whales to keep Bitcoin within a certain range.
Analysts note that large sell orders were entered strategically by whales to prevent the rally.
“If you're wondering why Bitcoin hasn't broken above $87,500 yet, it's because of price suppression by Spoofy the Whale.”
Analysts at Material Indicators added that the $76,000 support seen in recent months is insufficient as a solid base.
*This is not investment advice.
Continue Reading: Why Isn't Bitcoin's Price Going Up? Are Whales Using This Tactic?
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