Bitcoin dropped below $105,000 today. It went from an intraday high of over $109,000 to now trading for $103,651. This is almost a 4% drop over the last 24 hours, and also it is the 7th straight day of printing red. This is quite unusual even when the market is very volatile.
With the sudden drop market fear has already wreaked risk takers as in just 1hr over $100 millions were liquidated from the overall crypto market. This has got traders and investors in confusion as everyone is wondering what’s really going on.
Bitcoin Market Manipulation?
According to Crypto Analyst Material Indicators on X, “This is what manipulation looks like in the $BTC order book,” he tweeted as he refers to the change in liquidity patterns as the price drops “If price breaks below $105k, be prepared for a rug pull at $104k.”
These changes in the order book hinted at spoofing, a tactic where large trades are placed and then removed to confuse the market.
Spoofing is common in crypto and is often used by big funded traders to trick others into buying or selling. A day before the drop, Material Indicators also suggested that if bulls could push the price above $108k, there was a chance of reaching $110k. That move didn’t happen, instead, Bitcoin went the other way.
Another trader on X, Stew said that even though the market might have pulled back, it was not reacting in panic.
“So this means the big move has yet to occur & is brewing,” Skew posted on X. He noted that this time, traders weren’t aggressively selling or shorting like they had during previous dips.
Moreover, the U.S. dollar is starting to show strength again after a while. This is what led to the pressure on Bitcoin. Gold is also falling, and oil prices are up around 2%, all this due to the ongoing tensions between Israel and Iran.
At the same time, CryptoQuant’s IBCI tool that mixes different blockchain data to track long-term trends suggests Bitcoin’s bull market might not be over. According to Analyst Gaah explained, “Currently, IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”
Bitcoin saw its new all-time high of $112,000 on May 22, but to some analysts, this is just the beginning. While the ongoing war tension and macroeconomic factors may dwindle Bitcoin price for a short time, in the long run, Bitcoin has the potential to outperform other investment opportunities.
Also Read: Bitcoin Mining Costs Skyrocket in Q2 2025 Amid Rising Hashrate
