Bitcoin’s Massive Drop Sparks Suspected ‘Manipulation’ Among Traders — What Actually Happened?
Bitcoin plunged 5% suddenly, liquidating $700 million, leading traders to suspect manipulation despite macro factors like Bank of Japan signals.Summary
Bitcoin experienced a sudden 5% drop on Sunday, erasing over $200 billion in market value and leading to nearly $700 million in leveraged position liquidations. Many traders, like Ash Crypto, immediately suspected market manipulation due to the speed and scale of the selloff, noting a lack of negative news.
However, other analysts pointed to macro developments, specifically signals from the Bank of Japan regarding a potential December rate hike amid a weakening yen, as a possible catalyst rattling markets. Technically, analysts noted that Bitcoin had lost key structure after falling below $83,000 previously, and the recent drop pushed it below an ascending channel boundary, suggesting strengthening downside momentum.
If selling pressure continues, analysts suggest Bitcoin could retest support levels around $82,622, with technical indicators like the Chaikin Money Flow showing aggressive weakening.
(Source：CCN)