Bitcoin: “Scare” – Bearish Signals! Is the crypto house of cards collapsing?

What is happening in the crypto industry? Is there price manipulation? Is the house of cards collapsing? Let’s take a closer look.

Do bitcoins and other cryptocurrencies now flow through Firnger for merchants?

Photo: Panthermedia.net/galsand (YAYMicro)

Bitcoin struggles for $23,000, has failed several times at resistance. Now the fear of a crash is growing: analysts want to have recognized indications of massive price manipulation, there is even talk of a “scary” situation. Will there be another failure á la Terra (LUNA) or FTX?

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Bitcoin (BTC) has been trying to overcome the resistance at $23ki for days: the key cryptocurrency was able to rise to $23,268 but was unable to hold it here. BTC continues to be strongly rejected and then falls back sharply. Even within the last 24 hours, the digital asset has tried to jump over the critical hurdle – again to no avail. BTC rose as high as $23,043, failed, subsequently fell to $22,414. From here, Bitcoin managed to recover to $22,720, where the number 1 cryptocurrency is currently trading.

But with each additional failed attempt to overcome the resistance, the risk of a new correction now increases. This is also putting pressure on the broader crypto market – many coins are currently facing declines. For example, Ethereum (ETH), the second most valuable cryptocurrency, has lost -4.24% since yesterday, Ripple’s XRP is -3.66%, Cardano (ADA) is down -4.67%.

Overall, the global crypto market cap is down -2.18%. Additionally: In addition to the weak price action, the bearish signals are currently increasing. Analysts, traders and blockchain researchers warn: Bitcoin is hanging on by a thread – it’s all or nothing. If the cryptocurrency fails to show strength now and recapture $23,100, a sharp drop is imminent.

Bitcoin: Everything Just Manipulated?

Cryptoanalyst Benjamin Cowen, for example, warns in a new Bitcoin forecast: BTC is in a situation similar to the one at the beginning of 2020 – the cryptocurrency also experienced recession-like conditions. Temporary, but enough to send Bitcoin falling from $10,500 to $3,800. Even then, many would have spoken in advance of the beginning of a new bull market – only to be surprised by the opposite.

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