• Bitcoin’s price has been showing increased volatility in recent weeks and traders are now speculating that it is being manipulated.
• Prominent crypto traders like AlgodTrading and DU09BTC have expressed their doubts about the current trend, questioning why money isn’t flowing into Bitcoin as banks fail.
• Hal Press has warned traders to be aware of “bait” and not fall for it when prices suddenly rise.
Bitcoin Price Volatility
Bitcoin has shown increased volatility in recent weeks, bouncing between $27,000 and $30,000 before wiping out gains within an hour. The asset is off to a rough start in May, trading for $28,617.71 at the time of writing according to CoinGecko data. This represents a 2.3% drop in value over the last 24 hours.
Price Manipulation Speculation
Some traders now speculate that the price is being manipulated due to its pattern of rapidly rising then quickly dropping again. Prominent crypto trader “Algod” questioned why money wasn’t flowing into Bitcoin as banks fail while “Duo Nine” alleged that somebody was pumping up prices then unloading bags afterward.
Warning Against Bait
Hal Press has warned traders to be aware of this “bait” and not fall for it when prices suddenly rise, suggesting that this isn’t the first time such a situation has occurred..
Cautious Advice From Traders
The prominent crypto traders have advised caution until the current cycle ends. They urge people not to get caught up in fear of missing out (FOMO) or allowing themselves to be taken advantage of by those who are manipulating prices for their own benefit.
The volatile nature of Bitcoin’s price means that investors need to remain vigilant and cautious if they wish to profit from investments in cryptocurrency assets like Bitcoin. It is important for all investors – both experienced and inexperienced – to understand how markets can be manipulated and how best to protect themselves from any potential risks associated with these activities.