Bitcoin beats its previous record to near $42,500, but all may not be what it seems when it comes to BTC price strength.
Bitcoin (BTC) returned above $42,000 on Dec.
Analysis: New Bitcoin bids are not “organic”
These beat the 19-month peak set the day prior, with retracements being short-lived amid a general atmosphere of excitement throughout crypto.
As Bitcoin continued to reclaim ground lost in mid-2022, however, warnings over the rally’s sustainability continued to flow in.
In a dedicated thread about the phenomenon on X (formerly Twitter), trading resource Material Indicators explained that from order book liquidity cues, it appeared that these traders could be deliberately coordinating higher prices in order to sell into an uptrend with minimal slippage.
The more liquidity available near the intended selling point, the better value a major sell-off would bring.
“We saw the exact game played over the wknd with a $50M buy wall at $35k, and it often works.