quotingIt's not manipulation. It's just dynamic of human behavior. The price goes high enough that the incentive to cash in draws in a lot of short, medium, and long term holders and the selling overcomes the buying. The price goes lower and people who got in late in the cycle start bailing with small profit, at break even, or at a loss. Past -20% it's clearly more than a pullback and panic selling and leverage trading add more pressure. Now we're -50% and most miners are selling near 100% of their revenue to pay for overhead costs. That adds steady pressure. There's only tentative spot buying at this point. Bitcoin has more exposure to Wall Street so they're dumping the ETFs and treasury companies like they're hot garbage. Everybody except the true believers give up on Bitcoin and forget about it after a massive drawdown, at least that's what we've seen in the past, and the price settles into a long, low trough before it ever starts to pick up again.
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libertas primordium on Nostr: Big gains make people want to retire or at least upgrade their lifestyle. Smart ...
Big gains make people want to retire or at least upgrade their lifestyle. Smart traders take profit or at least cut their losses and Wall Street is full of smart traders. You wanted Wall Street to get into Bitcoin. Well here you go.