Bitcoin (BTC) is being capped at $87,500 thanks to manipulation by one or more whales, new analysis says.
The latest market coverage by trading resource Material Indicators on March 20 reveals why BTC/USD is stuck in its current range.
“Spoofy the whale” gets blame for BTC price range
Bitcoin has managed to sustain $80,000 as support for more than a week while hitting two-week highs of $87,500 on March 20.
Despite following broad volatility across risk assets, BTC/USD may have gone even higher were it not for maneuvers of large-volume trading entities on exchange order books.
Looking at global trading platform Binance, Material Indicators argued that shifting blocks of ask liquidity above price were keeping it pinned in a specific area — a classic manipulatory device known as “spoofing,” which has often been used by whales