• Bitcoin hit a two-month high of $21,455 on Bitstamp overnight into Jan. 19.
• New research suggests that the current BTC price boost may not be a natural phenomenon any longer.
• Material Indicators expressed surprise that those bidding Bitcoin higher had not yet pulled support, suggesting that the move may have been “choreographed”.
Bitcoin (BTC) recently hit a two-month high of $21,455 on Bitstamp overnight into Jan. 19, continuing its bullish recovery since the FTX debacle. This accomplishment has sparked a new wave of suspicion among crypto traders, as many are questioning the validity of the market.
Research from Cointelegraph Markets Pro and TradingView showed that BTC/USD was consolidating above $21,000 after hitting its peak. This prompted Material Indicators to analyze the order book composition for BTC/USD on the largest exchange, Binance. Much to their surprise, they found that those bidding Bitcoin higher had not yet pulled support. In their view, this suggests that the move may have been “choreographed”.
The implications of this finding are twofold. First, it implies that the current BTC price boost may not be a natural phenomenon any longer. Second, it could suggest that the Bitcoin market is being manipulated, as those behind the move have been able to place large bids without any repercussions.
While the truth of the matter is still unknown, it is clear that traders should take caution when investing in Bitcoin. The market may be volatile, and it is possible that prices could crash at any moment. As such, it is important to do your own research and be aware of all the risks involved before investing in Bitcoin.