- Trumps’s Strategic Crypto Reserve announcement pump turns into dump.
- The price of Bitcoin pumped from $82,000 to $92,000 and dumped to $82,000.
- Analysts breaks down the Bitcoin weekly candle formation.
Trump’s Strategic Crypto Reserve announcement pump turns into a dump as BTC price drops back below the $85,000 price range. The crypto market saw a massive surge in Bitcoin price from $82,000 to $92,000 only to fall back again to the same $82,000 price range. It seems Trump’s bullish announcement pump barely lasted 24 hours.
Trump’s Strategic Crypto Reserve Announce Pump Turns Into Dump
This has led some members of the crypto community to accuse Trump of a rug pull using his Presidential power. The accusation not only targets the pump and dump of Bitcoin, but also ETH, SOL, ADA, and XRP and all assets pumped to a certain extent only to retrace back to their previous prices.
Breaking Down the Bitcoin Weekly Candle
As we can see from the post above, this reputed analyst goes on to share the interesting movement of the Bitcoin price chart over the last 24 hours. In detail, he highlights the same pump and dump movement and calls the initial pump a suspicious move where a huge CME gap was left on the chart which meant a retracement was inevitable.
In addition, the analysts goes on to explain how huge wicks are usually partially filled so a pullback to the $85,000 price range was likely to make up for the CME gap. In conclusion, the analyst shares his expectation for what is to come next, here, he says that a new ATH is still a possibility for BTC and this will arrive soon after Bitcoin makes a weekly close above $96,500.
