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September 28, 2020
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Bitcoin

Bitcoin recovery is sabotaged by market manipulation

Bitcoin price manipulations hinder growth.

Bitcoin does not grow amid the global macroeconomic crisis, because its price is heavily manipulated, according to researchers at the Sussex Business School.

A team dedicated to CryptoMarketRisk has tracked securities reserve transactions since March 2020 and discovered large fake orders on bitcoin derivative exchanges.

Bad practices are frequent in the digital assets industry, as many large cryptocurrency derivative exchanges are unregulated. So, according to Carol Alexander, professor of finance at the Sussex Business School, BitMEX, based in Seychelles, allowed its bots to raise the price of bitcoin below $ 4,000 in mid-March.

“The S&P 500 crashed in March 2020 and gold had its worst week in eight years, when it should have been the best, all because of massive shorts in COMEX’s gold futures. Bitcoin has also been hurt by some manipulation robots on unregulated exchanges for cryptocurrency derivatives, especially BitMEX. ”

BTC / USD: technical staff

Bitcoin peaked above $ 9,000 for a fraction of a second and dropped to $ 8,850 at the time of publication. In the long run, initial support is created by the weekly SMA50 currently at $ 8,800. The overall picture remains positive as long as the price remains above this target. Once broken, the sale could gain momentum, with the next focus at $ 8,600, with the weekly low located on addressing this barrier. The next support is $ 8,150 to $ 8,000. Includes a 61.8% retracement in Fibo for the negative movement of the February 2020 high.

On the positive side, the psychological $ 9,000 is followed by $ 9,300. This barrier served as an upper limit on the previous consolidation range. Once out of the way, the advantage is likely to gain strength, with the next focus at $ 9,600 and, finally, $ 10,000.

BTC / USD weekly chart:

Source: fxstreet

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