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Tuesday, January 19, 2021

As Bitcoin Value Makes A Comeback, Traders Become Suspicious

The leading cryptocurrency, Bitcoin has spiked by 20% within the last 12 hours. Following this BTC bounced off at $30K. Nonetheless, several questions are doing the rounds over the recent events.

Bitcoin has experienced a very successful recovery on 12th January after they tested the $30,000 level of support. However, market participants have been suspicious. TradingView Markets have recently reported that BTC has smoothly bounced off their lows at $30,250 during late Monday and successfully managed to gain 20% within a short span of 12 hours.

Traders Are Advised To Sell Bitcoin

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In the weekend, Bitcoin has undergone a massive decline in its prices. They have made a startling recovery which is being seen as one of the best regular performances ever according to both percentage terms and US dollar.

The numbers are going to be confirmed soon after the end of the daily candle as the levels of press-time is rapidly approaching the $36,600 daily top. As soon as the recovery was being made by BTC, a massive concern and suspicion were shown by the traders regarding the recent movements in the markets.

A popular stock market analyst along with filbfilb, a Cointelegraph contributor, have informed that the power of BTC rally heavily depends upon the market manipulation. The main reason behind this is the exchange outages as well as the unofficial advice of Guggenheim, the asset manager asking traders to sell BTC at this low price level.

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The publicity problem is continuously rising for the larger exchange platforms including Kraken and Coinbase. Since Bitcoin has declined to start from the $38,000 mark, both these trading platforms experienced outages. This has resulted in losing control over its traders.

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