What is happening in the crypto market sudden pumps and dumps in the market are really making people worried about what is going on. Bitcoin yesterday went from $6150 to a low of $5850 within a span of few hours. Today everyone was expecting Bitcoin to tank more and then we saw a massive surge in prices over a span of 30 minutes. Bitcoin price rise from $5850 to $6250 within a span of 30 minutes. The sudden pump started at around 3:30 UTC and at around 4:15 UTC Bitcoin reached $6250.
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The market was bearish sentiment and was traders were thinking that Bitcoin is going to hit $5400 mark. Also, CNBC's crypto expert Ran Neu Ner commented that he could see Bitcoin hitting $5400 support level in 1-2 weeks. He earlier also predicted a few days ago on 11 June that Bitcoin could hit $5900 mark which it did. Thus everyone was trusting his call and were thinking to wait for Bitcoin to dip more and enter the market at the bottom.
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As I told you earlier that all the whales and huge investors are playing with your emotions. They are manipulating the market against our emotions. This is what they have done again the traders were also thinking that Bitcoin has a potential to drop to lower support since it was forming a bearish divergence according to technical analysis. Thus they surprised everybody by suddenly inflating the price and breaking the resistance. Also, one thing that I have noticed that the pump which took place a few days ago in which Bitcoin rose $500 in just a span of 30 minutes also took place around the same time at around 3:30 UTC.
The question is still the same that where is the bottom? In order to see a bullish divergence and change in the trend, we need to cross the $7400 mark with a great amount of volume.
What do you think, Have we found the bottom or BTC would go down further more?
Let me know in the comments!!