Hello my fellow bloggers! We just saw the second biggest inflow of BTC to exchanges this year. Gemini exchange is in the center of the storm again. Is this a manipulation? Let’s dive in and find out!
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We have another bloody Monday today. We experienced the second largest inflow of BTC just a couple weeks later after the first one. The large inflow of BTC to exchanges was expected. We had a gap on BTC chart. As we know, gaps tend to be closed. We should have expected BTC inflow as traders knew gap was going to close. Smart traders put order accordingly. Yet we didn’t expected this much:
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The second spike is slightly smaller than the first one. I hope it will have a smaller effect on the market. What looks really suspicious, is that a large portion of this inflow went to Gemini exchange. The same happened during the first spike:
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What happened during the first price? What can we expect this time? The first question is easy to answer. See the chart below:
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The first spike on Gemini dropped the price of BTC below $50k. We had a couple days of uncertainty. Some investors even wondered if it was the end of bullrun. In any case these days were not very pleasant for most of us (yet some people definitely enjoyed discount). This time we can expect he same to a certain extent. Yet this time there are two positive indicators to be more positive this time.
First of all the general expectation is that BTC will just close the gap. In other words traders expected BTC to be traded between $56k and $57k. So many buy orders were placed to catch it in this range. The second is IOMAP of whales:
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The chart shows strong support of whales on $55,406. I hope this support line can hope this time to charge BTC with stimulus check and shoot it up above $65k. Yet we still can go to $47,438 whale demand line where large players are waiting for cheap bitcoins. Nothing of the above is a financial advice though.
What do you think about Gemini role in BTC dump? Is this just a coincidence or are they up to something? Let me know in the comments below.
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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