**Two things happened in the market today. The pump and the dump.** Bitcoin made 4% increase and 4% decrease, liquidating both shorters and longers. This August has been a rough month for bitcoin's movement as the price seems to be unsettled, moving up and down at the $55k-$61k price mark.
**It's not up to a week when the last dip was seen this month from the $61k to $55k which liquidated lots of traders in the market who opened longs with less sufficient margins**. Now, earlier today, there was a 4% increase seen in the price of bitcoin as it moved from $56k to $61k. The pump started this morning, making people assume that the market is heading to its recovery state.
**This pump seen earlier today made a lot of traders place trades on longs and they got substantial profits**. I was also part of this trend but it was short-lived as there was a dump from the $61k mark. It dropped from $61k to $58k singlehandedly and continued dumping till it settled at $58k then reversed again.
The price didn't hold at the $61k and was rejected that's what caused the drop in price by 4% after the main increase in the morning. It is still trying to normalize at the $59k. Now let's take a look at some news that transpired or what Manipulations caused the drop in price. Sometimes I ask myself why market goes against people and doesn't go for them.
The greed and fear index is still reflecting 30% extreme fear in the market, signalling that bitcoin may dip again before the final pump during the bull. **There was an inflow of bitcoin ETF worth $390M in the market which was one of the factors that caused the pump seen in the market this morning**. We have been hearing about inflation, Fed decisions and the likes and have formed major news in the market and ecosystem.
**Starting with the proposed presidential election, Trump's opponent said bitcoin and crypto doesn't concerns** her and she promises to fix the rate of taxation, inflation and other major things, bringing stability to the economy of the United States and the world in general.
Facts has it that if Trump's wins the presidential election, his partnership with Elon Musk would be a major factor that would bring positive news in the crypto space. It has been analysed that if such happens, bitcoin will reach $100k +. The elections-linked bitcoin options surge to nearly $350M in open interest.
**Bitcoin has really attracted attention and speculations that the November 4th elections would impact the price of stable coins and altcoins**. Traders are awaiting that annual economic policy symposium which would provide a clear interest rate outlook as this has been one of the major reasons we have inflation issues in the U.S and they are doing everything possible to mitigate this.
The market have filled priced in a Fed rate decrease in September. The crypto market is posting mixed reactions in early Monday's reading session ahead of the release of the Federal reserve meeting minutes which was slated this week. Bitcoin and other assets have experienced losses this month between the percentages of 2-26 while some other assets were seen to be strong, not reducing drastically as bitcoin did.
Bitcoin has fallen badly this August to a percentage of 12 and this fall has been of great benefits to traders who short the coin. Analyst in the ecosystem pointed out the risk of selling bitcoin seized by the US government which has over $12 billion which is also leading the chart. There was also a pop of news that the Nigerian SEC wants to issue to issue out a crypto license to its youths.
This is quite stunning because Nigeria is known to have major crypto Investors but the government is doing things to eradicate crypto. Little wonder some major exchanges delist the NGN to avoid problems as did Binance officials last time which they escaped.
**All these are major news that happened in barely 24 hours**. The question is, bitcoin is stucked at $59k. Will it go back to $61k and then wait for a head go or rejection? We just have to be analytical can careful when placing trades this period. Some analysts says Fed may crash the market which chances of such is placed on a high level.
**Take a quick look at this chart. You'll see something different about in bitcoin's movement in the 5 minutes and 1 day trade**. We pray for the bulls to take over as we are still having bearish sentiments. When this happens, it would be a good time in the crypto space for bitcoin, other assets and steem coin.
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Some of my trades made this morning as a result of the pump gave substantial profits while still holding on to other positions with losses as a result of reversals
**_Sreenshots are from my bybit app_**
> Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have
