Bitcoin (BTC) has surpassed $42,000 on Dec. 5, with concerns about market manipulation still present. The rally has been met with excitement in the crypto community, but there are warnings about the sustainability of the upward trend. Large-volume traders, or whales, have been a focus of concern. Trading resource Material Indicators suggests that these traders may be coordinating higher prices to sell into an uptrend with minimal slippage. The analysis notes that the bid liquidity at $41,500 and other levels is not “organic.” However, there is optimism that the rally will continue into next year due to macroeconomic changes and the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States.
Bullish BTC price signals
Some market commentators see bullish short-term signals for BTC. Open interest has declined during the consolidation phase before Wall Street opens, according to trader Daan Crypto Trades. Another trader, Scott Melker, points to the four-hour chart as evidence of bullish patterns in a bull market. Moustache, a popular social media commentator, believes that BTC will reach $48,000 and potentially even $60,000 in the near future based on previous price patterns.
Hot Take: Bitcoin’s Rally Continues Amid Manipulation Concerns
Bitcoin’s price has risen above $42,000 despite concerns of market manipulation. Large-volume traders may be coordinating higher prices to sell into an uptrend. While some believe that bid liquidity is not “organic,” there is optimism that the rally will continue due to macroeconomic changes and potential ETF approval in the United States. Short-term signals also indicate a bullish outlook for BTC. However, it remains to be seen whether these patterns will hold true in the long run.
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