Bitcoin’s BTC/USD sudden surges and declines have some traders worried that the average retail investor may be deterred from investing in the cryptocurrency even when it begins to make a true recovery.
What Happened: On-chain analyst and crypto trader PlanC told his followers in a tweet that it would take “one hell of a breakout” to convince people that another Bitcoin move up is legitimate.
As per data from Benzinga Pro, the asset has been trading between a low of $29,440 and a high of $31,448 over the last day, with most of its price action coming from sharp moves up and down over a shorter time frame.
According to one on-chain analyst, most of these positive price movements have not been driven by authentic bids.
Most of the market manipulation came from whale activity, resulting in smaller holders being squeezed out of their positions entirely.
See Also: $53M Bitcoin Shorts Liquidated In 1 Hour After Apex Coin Sharply Rises
Crypto exchange order book data analyzed by Material Indicators reported an end to some amount of the whale spoofing observed over the last few days.
Still, traders have remained cautious in their approach to trading Bitcoin as seen by the relatively conservative amounts of trading volume and leverage today.
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