After days of consolidation, bitcoin’s price finally made a move, but it wasn’t what was expected by many crypto traders. The coin’s price tumbled under $6,500 after days of holding support, which saw other coins follow suit. Additionally, reports about manipulation continue to emerge amidst the current bearish markets.
Bitcoin dropped 2% in the last 24 hours after failing to hold support above the $6,500 level. The coin formed lower highs and higher lows inside a symmetrical triangle pattern on its 1-hour time frame. The coin’s price is currently testing the very bottom of this short-term consolidation pattern, which is in line with an ascending channel that’s been holding the whole of last month.
Reports about Manipulation
Reports about manipulation have continued to emerge amidst the bearish markets. Consequently, this has drawn regulatory scrutiny as it was cited by the SEC when it rejected bitcoin ETF application in August. According to the Wall Street Journal, bots that manipulate bitcoin’s price are not new and they aren’t going anywhere.
However, bitcoin price manipulation has defenders who think that it is a way to level the playing field. For instance, Trader Kjetil Eilertesten the developer of Quatloo Trader, which he thinks is the leading crypto market manipulation tool, does not see any point in banning market manipulation. Additionally, Kjetil stated that if everyone is allowed to manipulate, then no one will manipulate.
Bitcoin ETF Approval
However, despite the market’s manipulation which may have caused the recent bearish markets, ETF approval may change the situation. According to Kevin Lu, Element’s quantitative research director, denial of the long-awaited ETFs may have contributed to the market’s conditions. Nonetheless, once bitcoin ETFs are approved, what may follow is mass adoption and tremendous price surge.
Do you think approval of bitcoin ETFs will have any impact on the crypto market? Keeping in mind the reports about market manipulation.
Let us know what you think in the comments section below