Apologies first time publishing, but lets get straight to the point. So the simple answer to this question is, its because of the ratio of traders to investors is quite unusual, in that the traders are in abundance but investors are not. Or simply put the price action is determined at this moment by traders and not by on-chain/fundamental data. This climate is very susceptible to manipulation because all a person or a group would need to influence the price is to alter its course at specific pressure(resistance or support) points to direct its flow in the direction 'they' want. Now you will need to understand that I am not discounting other possible reasons as to why
BTCUSD
is acting the way it is. Conan Doyle once said, "Once you eliminate the impossible, whatever remains, however improbable, must be the truth."
The very inception of bitcoin or the blockchain system was so traders/investors could use/rely on accurate data and not 'maybe' kind of data, to evaluate with a certain degree of accuracy the price action of the underlying coin. But with traders who are relying heavily on technical data that privilege seems to have been thrown out the window. And as a consequence trend is now mainly influenced by trader sentiment but more importantly those who are able to sway the price trajectory.
Lastly, pay attention to the intersecting lines in the chart, who knows you might just find gold in them, cheers!
BTCUSD
is acting the way it is. Conan Doyle once said, "Once you eliminate the impossible, whatever remains, however improbable, must be the truth." The very inception of bitcoin or the blockchain system was so traders/investors could use/rely on accurate data and not 'maybe' kind of data, to evaluate with a certain degree of accuracy the price action of the underlying coin. But with traders who are relying heavily on technical data that privilege seems to have been thrown out the window. And as a consequence trend is now mainly influenced by trader sentiment but more importantly those who are able to sway the price trajectory.
Lastly, pay attention to the intersecting lines in the chart, who knows you might just find gold in them, cheers!