Bitcoin Drama: Will It Rise Like a Phoenix or Just Stay a Flop? šŸ”„šŸ’ø

So, Bitcoin (BTC) decided to throw a little tantrum at the Wall Street open on Feb. 26, setting new multimonth lows. Apparently, order book ā€œmanipulationā€ is the new trend, and it’s not even a cute trend. šŸ™„

BTC price support pulled in ā€œmanipulationā€

According to the ever-reliable CryptoMoon Markets Pro and TradingView, BTC/USD hit a staggering $85,341 on Bitstamp. Wow, what a steal! šŸ˜…

As Bitcoin circles the drain like a sad little goldfish, it’s facing more pressure than a contestant on a reality show. Hundreds of millions in laundered funds from the Bybit hack are still doing the cha-cha across the market.

And let’s not forget the exchange whales, who are apparently adding to the drama. Material Indicators is calling out market participants for ā€œmanipulation.ā€ Because, of course, that’s what we need—more drama! šŸŽ­

They even showed us a little magic trick where bid liquidity just *poof* disappears from the Binance order book right before the latest drop. Ta-da! šŸŽ©

ā€œThis is about as clear of an illustration of what manipulation looks like you are going to find.ā€

Meanwhile, crypto trader and analyst MichaĆ«l van de Poppe is holding onto hope like it’s a life raft. ā€œI mentioned before that this is the area for Bitcoin to hold on. Take liquidity beneath $85K, then basically everything is taken,ā€ he told his followers on X. Sounds like a plan, right? šŸ¤·ā€ā™€ļø

ā€œIt’s a similar story as yesterday: Gold goes down, BTC pairs start to bounce up. Additionally: Lowest point on daily RSI since August ’24.ā€

Van de Poppe also mentioned the relative strength index (RSI), which is currently at a thrilling 28.6 on daily timeframes and 25.9 on 4-hour timeframes. Both are in the ā€œoversoldā€ zone, which is just a fancy way of saying, ā€œHelp!ā€

Betting on a Bitcoin rebound after ā€œdeviationā€

Now, let’s talk about Rekt Capital, who’s got his eyes on the prize—$93,500. He’s convinced that this is the magic number to reclaim, and it should happen within a few weeks. Fingers crossed! šŸ¤ž

ā€œIf this deviation is to end up as a downside wick then price could revisit ~$93500 by the end of the week,ā€ he explained in a post on X. Sounds like a rollercoaster ride, doesn’t it? šŸŽ¢

ā€œIf this deviation is to end up like the Post-Halving deviation featuring Weekly Candle Closes below the Re-Accumulation range… Then price could revisit ~$93500 as part of a post-breakdown relief rally over the next 2-3 weeks.ā€

Rekt Capital thinks BTC might be pulling a dĆ©jĆ  vu, repeating the behavior seen after its block subsidy halving event last April. Because why not? Let’s just keep the drama going! šŸŽ‰

ā€œEach of these scenarios points to a revisit of $93500 at some point, with the revisit occurring as early as end of this week or over the next 2-3 weeks,ā€ he concluded. So, stay tuned, folks! šŸ“ŗ

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2025-02-26 19:11