- Binance spot has been smashing the sell button.
- This has led to a major brake on any possible recovery.
- Are market makers supporting Trump’s plan to offset the US national debt?
The crypto market has been in a constant state of selling pressure since the $20 billion liquidation event, especially on centralized exchanges (CEXs) like Binance. This has led to a greater bearish sentiment seeping into the market as the space shifts to a more fearful state. So far, Binance has been smashing the sell button, putting the brakes on any possibility for a meaningful recovery.
Binance Spot Has Been Smashing the Sell Button
The 20$ billion liquidation event that occurred earlier this week did not just place the crypto market in a reset state, but it also plunged the market into a dark fear state, leading to high selling pressure on most exchanges, especially on centralized exchanges (CEXs) like Binance, where the sell button has been seeing a lot of use over the past few days. Presently, fear sentiment is very strong.
During this dip, the price of BTC fell from $121,000 to $104,000 within an hour, wiping out all long and leverage positions, including a wipeout of $3 billion in short positions as well. This dump came soon after BTC hit its current ATH record in the $126,000 price range, meaning sentiments were high and bullish trades were set up. During the dump, nearly all positions were wiped out, leaving the crypto market in a state of reset.
While most traders and analysts believed this dump to be a textbook market manipulation move, one analyst saw this as an inevitable reaction of a market that was highly overbought. What’s more, the same analyst believed that according to the 4-year bull cycle blueprint, the price of BTC was entering its bear market phase, meaning a crash was likely to play out during that time.
Major Brakes on Any Meaningful Recovery
With no euphoric pump phase and no altseason pump phase yet this bull cycle, analysts are left to wonder if this is true, if the bull market is truly over and if the altseason will be skipped this bull cycle. Another approach is that this is all part of a plan to shake out traders before the monumental price pump that will trigger altseason. Presently, analysts believe the market is being suppressed on purpose.
According to a rumor, Trump is planning to offset the US national debt using the rising prices of gold before shifting those funds into BTC once the dollar is strong again. As we can see from the post above, this analyst observes that Binance spot has been absolutely hammering the sell button, suggesting that market makers really want to stop the BTC pump and keep the recovery from taking place at the moment, further supporting the rumor.
