Bitcoin News And Price Analysis: Speculative Suspicion of Bitcoin Price Manipulation. Saturday, August 11
Important Bitcoin News
Bitcoin May Be “Permanently Impaired” Say researcher
Jeff DeGraaf, who is the head of technical research at the Renaissance Macro Research, has said that the recent Bitcoin price movement may be an indication that the cryptocurrency has been “permanently impaired”.
DeGraaf who has received accolades in the past for his predictions and interpretation of market events also said that it may be “game over” for the coin. He maintained that the parabolic movement of Bitcoin price is dangerous for short sellers.
Speculative Suspicion of Bitcoin Price Manipulation
Since January, the price of Bitcoin has been moving between $6000 to $10,000 and has recently started raising suspicion among conspiracy theorists that the coin may be manipulated by outside influences.
The fact that the price drops are usually more pronounced after important news affecting the coin such as the SEC postponement of decisions over the Bitcoin ETF has continued to fuel the market manipulation rumor.
Bitcoin Sell-off Slows As Coin Defends $6000
Bitcoin has had a tough market this week as the SEC announced that it has no intention to take prompt action on the proposed bitcoin ETF. The coin fell 26 percent from a high of $8,507 on Wednesday trading at $6,121, a three week low compared to the July 24 high.
The expectations were high that the premier coin will gain traction necessary to hit the bulls once more but a massive sell-offs has had the consequence of ensuring that the bulls stand no chance of making a comeback in the short term.
Bitcoin exhibited the classic coin volatility with the loss of 13 percent of its value in just 48 hours after the news broke that the VanEck SolidX Bitcoin Trust fate is still some time to be decided.
However, technical analysis are showing that the sell-offs are slowing and that a minor correction may be imminent. Bitcoin seems ready to defend the $6000 mark, indicating that the bears have weakened considerably.
BTC/USD Price Chart, Saturday August 11th:
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