Bitcoin at $83,000... and the whales are playing the game their way!
Bitcoin, the currency that changed the balance of the digital economy, is still stuck at $83,000, which is very confusing. People who expected a price explosion after reaching this number are starting to see the opposite: whales aren't buying...in fact, they're just shorting!
When a currency like Bitcoin reaches a record high like this, it's only natural that people rush to buy, hoping the price will continue rising. But the whales, who hold the largest quantities, know full well that general greed creates a great opportunity for them to control the market. Instead of buying they've started selling in huge quantities and opening short positions meaning they're betting on a price decline which creates very strong selling pressure.
Does this mean Bitcoin is going to collapse?
Not necessarily, but the whales are trying to swing the market in their favor. When the market sees this massive sell-off, panic sets in, causing small investors to quickly sell out of fear of a price collapse. This is when the whales re-enter, buying Bitcoin at cheaper prices after they've finished their game!
If you're investing for the long term, it's best not to be influenced by these games, because Bitcoin, despite its volatility, always rebounds in the long term. However, if you're trading for the short term, you must know that you're facing big players who are manipulating the market to their advantage. You must have your own strategy instead of being just a pawn in their game.
Whales don't lose; they always win, and the market moves according to their plans. The real question here is: Will you join the herd, influenced by every move? Or will you study the market and benefit from the manipulation instead of fearing it?
Posted using Tribaldex Blog