why Bitcoin is Dumping
$BTC
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Identifying whether a Bitcoin price movement is a genuine pump or a fake pump can be challenging due to the speculative and often volatile nature of the cryptocurrency market.
1. **Volume Analysis:**
- A genuine pump is often accompanied by a significant increase in trading volume. Analyzing the trading volume during a price movement can help distinguish between real and fake pumps. A substantial increase in volume suggests increased market interest and participation.
2. **News and Events:**
- Genuine pumps are often associated with positive news or significant events that can impact the value of Bitcoin. Check for announcements, partnerships, regulatory developments, or technological upgrades that could be driving the price movement.
3. **Market Depth:**
- Analyzing the order book and market depth can provide insights into the authenticity of a price movement. A genuine pump is likely to have a more balanced order book, with a mix of buy and sell orders at various price levels.
4. **Social Media and Community Sentiment:**
- Monitor social media platforms and cryptocurrency forums for discussions and sentiment surrounding the price movement. Genuine pumps are often accompanied by positive sentiment, whereas fake pumps may be driven by manipulation without fundamental support.
5. **Technical Analysis:**
- Conduct technical analysis to identify key support and resistance levels. A genuine pump may break through significant resistance levels with conviction, while a fake pump might struggle to sustain higher prices.
6. **Duration and Sustainability:**
- Evaluate the duration and sustainability of the price movement. Genuine pumps are more likely to be sustained over a longer period, whereas fake pumps may experience rapid retracements shortly after the initial spike.
7. **Market Manipulation Warning Signs:**
- Be cautious if there are signs of market manipulation, such as unusually large buy or sell orders, rapid price movements with little volume support, or coordinated trading activities.
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Bitcoin Faces Challenges in Breaking Key Resistance Levels

Bitcoin price is significantly higher than in November 2022, but the same can’t be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?

When Will Bitcoin Rise?

BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycle’s $20,000 peak.

On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasn’t happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
Another popular analyst named Jelle believes that BTC price could reach $100,000 “in the coming months” based on the technical model he examined.

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Will #Bitcoin crash more? 🤔
In the mid-term, if $BTC  breaks below $60,000 with a daily confirmation, then we're in trouble.

There is a huge volume gap between 60k - 53k.

In an area of low volume, price action tends to be much more volatile - usually closing volume gaps quickly.
The April monthly #Bitcoin candle has just closed. The "twin top" double candlestick formation is pretty bearish.

Remember, we have been pushing upwards consecutively for 7 candles in a row! It is completely normal to see a significant reversal after such a long time...
$BTC  also fired a weekly bearish crossover on the MACD.

Notably, this happened both times during the 2021 ATH tops.

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