Crypto: Analyst Claims Single Entity Is ‘suppressing’ Bitcoin Below $90k

Bitcoin order-book analysis said that BTC price action was being held back by just one trading entity, while risking a trip to "Bearadise."

Bitcoin (BTC) lingered beneath $88,000 into Thursday’s Wall Street open as attention switched to order-book manipulation.

Bitcoin is facing fresh attempts to manipulate short-term price action, says analysis.

Order-book data flags key support and the risk of a trip to “Bearadise” if it fails to hold.

Wyckoff BTC price bottom calls grow more confident as the monthly close nears.

Data from TradingView showed ongoing BTC price weakness, with BTC/USD acting in an increasingly narrow range.

After failing to sustain above $90,000 the previous day, frustration continued to build among traders as stocks and precious metals smashed records.

In his latest analysis of exchange order-book liquidity, Keith Alan, cofounder of trading resource Material Indicators, had a theory as to why Bitcoin could no longer beat resistance.

“FireCharts shows $BTC price is being suppressed by one entity using a liquidity herding strategy to push price lower, potentially to get their own bids filled, or possible to keep price pinned in the lower end of this range before Friday's options expiry,” he told X followers on the day.

Alan referred to one of Material Indicators’ proprietary trading tools covering liquidations at key nearby price levels, as well as whale order volume.

Source: CoinTelegraph