The price of Bitcoin has been undergoing a roller-coaster and on Saturday, Feb 15th the price rose by 5.35% to $10k from $9853. The past four days have been shaky after Bitcoin was unable to rise above $10,500.
Bitcoin whales influence the price of Bitcoin. According to the crypto-twitter, Bitcoin whales had a role to play on Saturday’s Bitcoin price correction.
On Bitfinex, one of the whales Joe007 was the one responsible for the price correction and even twitted about it. He had allegations of manipulating the market and responded citing there is nothing illegal with that.
According to Cointelegraph’s reporter Filbfilb, the reason for the bitcoin price drop is the removal of the sell-wall. According to him, Joe007 was responsible for the Bitcoin price drop as he took advantage of thin order books over the weekend.
This is not the first time a crypto whale is manipulating the market. In December last year, Joe007 got into a bet with a Dogecoin trader for 10,000 DOGE but instead used 800 BTC to secure the $7.2K level.
Since bitcoin price reached a resistance level, it will likely stabilize. According to the daily charts, $9,800 value has acted as support and from the volume profile visible range, it is clear that there is a high volume between $9,898 and $9,756. From $9800, there is also support at $9,400. If it does not get support at $9,400, it will fall to $8,800.
From the drastic change in Bitcoin value from $6,853 to $10,497 in a short time, many believe that the currency has such a big potential.
As this week starts, many traders are anticipating that Bitcoin will hold at $10,000 with a maximum of $10,300 which will be like the resistance level.
If the price can move and maintain above its moving average of $9,200, the bulls will take advantage to push the value to an upper Bollinger arm of $10, 516.
With Bitcoin being the leader in the cryptocurrency space when its value drops, other altcoins are affected too. As its value dropped to $9,800 on Feb 15th, many altcoins suffered major losses since Bitcoin is like the anchor in the world of cryptocurrencies. The trend in altcoins will likely depend on Bitcoin.
The war between the whales and Bulls in controlling the price of Bitcoin will not end anytime soon.
Image from https://www.flickr.com
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