So, Bitcoin (BTC) decided to throw a little tantrum at the Wall Street open on Feb. 26, setting new multimonth lows. Apparently, order book “manipulation” is the new trend, and it’s not even a cute trend. 🙄
BTC price support pulled in “manipulation”
According to the ever-reliable CryptoMoon Markets Pro and TradingView, BTC/USD hit a staggering $85,341 on Bitstamp. Wow, what a steal! 😅
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 “manipulation.” Because, of course, that’s what we need—more drama! 🎭
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! 🎩
“This is about as clear of an illustration of what manipulation looks like you are going to find.”
Meanwhile, crypto trader and analyst Michaël van de Poppe is holding onto hope like it’s a life raft. “I mentioned before that this is the area for Bitcoin to hold on. Take liquidity beneath $85K, then basically everything is taken,” he told his followers on X. Sounds like a plan, right? 🤷♀️
“It’s a similar story as yesterday: Gold goes down, BTC pairs start to bounce up. Additionally: Lowest point on daily RSI since August ’24.”
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 “oversold” zone, which is just a fancy way of saying, “Help!”
Betting on a Bitcoin rebound after “deviation”
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! 🤞
“If this deviation is to end up as a downside wick then price could revisit ~$93500 by the end of the week,” he explained in a post on X. Sounds like a rollercoaster ride, doesn’t it? 🎢
“If 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.”
Rekt Capital thinks BTC might be pulling a déjà vu, repeating the behavior seen after its block subsidy halving event last April. Because why not? Let’s just keep the drama going! 🎉
“Each 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,” he concluded. So, stay tuned, folks! 📺
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2025-02-26 19:11