Be Warned: Whales Will Trick You Into Selling And Then Sell Back To You At Hefty Costs
Not long ago, the crypto market beat back the bears to make a daring emergence from a long crypto winter that had some people almost losing faith with the crypto space. The emergency was triggered by Bitcoin’s sudden surge that has now seen the top coin break through a few previously strong resistance points to bring itself above the $8k mark.
However, the last few days have been sort of a roller-coaster for the market as Bitcoin swung up and down, leaving many people wondering whether the bulls are really in charge or whether the bears are about to go in again. The pendulum price action has seen Bitcoin hit the $9k mark and back down to the $7,400 level. The top coin has since moved up and it’s currently trading at around $7,800, just $200 shy of $8k.
Since the market mounted a sudden drive to recovery and Bitcoin broke above the $8k resistance level, there have been a few rumors that there may be some characters trying to manipulate the crypto’s market value to gain a profit margin, and that notion has since been amplified by Bitcoin’s swinging price mechanism. Granted, there has been noticeable whale activity over the last few days.
According to a tweet by Bitcoin Macro, whales are trying to manipulate the market by instilling selling pressure and then buying in at low prices only to sell back to the regular traders at high prices. In the same tweet, Bitcoin Macro warned crypto traders and investors to be wary of these tendencies.
HODLing May Save You
According to Bitcoin Macro, it’s better to just HODL and not succumb to the massive sell pressure being prematurely pushed by the whales. Indeed, many of the people who have held their investments intact for long aren’t complaining or worried about possible loss by selling at low costs due to the market uncertainties.