This year the Advent season was rung in with the 1st Advent, just like in the picture book of every Christmas story. The Bitcoin course gave in the last weeks and days little cause for joy. After this year’s high of almost 14,000 USD had been reached in summer, the course then went steadily downhill. Some BTC fans are already leaving hope. But fitting to the 1st Advent, or better said 3 days too late, the Bitcoin course also lights the 1st Advent candle. Yesterday’s price jump of 500 USD came as a surprise. Unfortunately it was not sustainable and illustrates a current weakness of the BTC market.
Bitcoin price Advent candle did not burn for long
Yesterday afternoon, if you had watched the Bitcoin course live, you could see the course shoot up by up to 8% within minutes. At 14:15, the BTC price was still slightly above 7,200 USD. Less than half an hour later, you couldn’t believe your eyes when the price peaked at over $7,700. This rise of about 500 USD was not only unusual due to the suddenness, but the chart formation above looked like an Advent candle, fitting to the 1st Advent.
Unfortunately, the Bitcoin price jump could not last long and was therefore not exactly sustainable. Meanwhile (at the time of writing) the BTC price is back in the previous range between $7,200 and $7,300.
Was manipulation in the game again?
Again and again the digital asset Bitcoin is confronted with accusations of manipulation. This is one of the reasons why the SEC does not yet want to give permission for an ETF. Especially in the last few days the trading volume was very low, which makes the market susceptible to manipulation and allows strong price fluctuations.
“As I’m writing this morning, today’s price rise seems a little suspicious.”
This is the statement of Mati Greenspan, founder of the newsletter “Quantum Economics”. He continues:
“It all points to the assumption that this was the result of a single player with a big buy order. Or in other words… a big whale…”
The crypto expert thus raises the suspicion that a single whale could be responsible for the pump. It seems possible that a lot of whale alerts can be observed lately. The question of whether the Bitcoin price jump is a deliberate manipulation or simply a “badly” planned buy order cannot be answered at the moment.
Would you like to place yourself on the Bitcoin market in time?
You can do it on eToro’s award-winning platform! Especially for beginners the platform offers one of the best user experiences worldwide. In addition, you can rely not only on rising but also falling prices!