Bitcoin Price Declines 10% Amid Macro Changes and Market Manipulation Concerns

Bitcoin's price has been experiencing a decline, causing concern among traders and investors about its potential recovery. The top cryptocurrency has been slipping into a critical area following a decrease in buying pressure, with many wondering if confidence in a new Bull Market will recover.

According to Daan Crypto, a senior crypto analyst, the Bitcoin price has weakened due to changes in the macroeconomic arena. The analyst believes that bulls must hold levels above $99,000 to avoid a bigger decline into the monthly lows sitting at around $90,000. Some of the elements affecting the Bitcoin price on the macro side include a good Consumer Price Index (CPI) print from the US, and a ‘good deal’ between this country and Chinese representatives. These news indicate a decline in inflation and potentially an end to the trade war between the two giants, respectively. However, the analysis noted that the market is currently volatile and headline-driven, with markets sometimes reacting negatively to good news.

James Wynn, a crypto trader who recently gained notoriety by leveraging millions of dollars to bet on the Bitcoin price, believes the selling pressure will rise on the short timeframe. Wynn has been alerting his followers on the alleged manipulation of the crypto market by big players. These massive investors, according to the crypto trader, target key levels and push Bitcoin towards them to hunt for liquidity in detriment of retail users. This time Wynn claims ‘Market Makers’ might push the Bitcoin price down to the $106,000 area. However, the trader believes the downtrend will be short, advising his followers of an imminent rebound. Wynn stated that the downtrend will be over quickly and that new all-time highs are around the corner.

Whether the downtrend will persist or if prices recover in the short term remains to be seen, but current price action suggests an imminent spike in volatility. The Bitcoin price is currently trending to the downside on the daily chart, with key levels to watch as the price shows weakness on low timeframes. The analyst believes that if the price breaks either the current monthly high or low, it will keep trending in that direction for the rest of the month and possibly beyond. The market is currently volatile and headline-driven, with markets sometimes reacting negatively to good news. It is important for traders and investors to be aware of these factors and to keep an eye on key levels as the price action unfolds.