Key Points:
Bitcoin whales are accused of "false" trading, causing BTC prices to drop below $110,000.
The "whale script" for Bitcoin suggests that prices are repeating the behavior seen in early August.
The upcoming U.S. PCE inflation data is the next potential market driver.
Bitcoin (BTC) fell nearly 3% on Friday as the market focused again on whale sell-offs.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD dropped $3,000 within hours. The Bitstamp platform recorded a local low of $10,943.6.
Cryptocurrency longs were liquidated to the tune of $350 million within 24 hours, with traders blaming the whales.
"This is not noise. This is the whale script," trader Merlijn wrote in a post on X on Friday.
Merlijn noted that market maker Wintermute was involved in significant inflows of BTC and the largest altcoin, Ethereum (ETH).
As Cointelegraph has reported, whale sell-off pressure has been continuously affecting BTC price movements since August, leading to prices dropping below $10.9K earlier this week.
“$BTC has been repeating the same thing,” another trader, BitBull, continued, describing a pattern of consolidation, capitulation, breakout, and rebound.
“From the BTC chart, we are in the capitulation phase, which may last for weeks and is expected to provide good entry opportunities. Stay tuned,” he added on the X platform.
Keith Alan, co-founder of trading resource Material Indicators, agreed that the behavior of liquidity holders seems manipulative.
Alan reiterated his previous mention of entities he called "false whales," referring to deliberate liquidity transfers to influence price behavior and trap other traders.
“It looks like the 'false' whale is playing his old tricks again, adding some predictability to short-term price behavior,” he summarized in a post on X.
The macroeconomic tensions brought by U.S. inflation data also impacted the weak performance of BTC prices.
The Fed's preferred inflation indicator—the Personal Consumption Expenditures (PCE) index—is set to be released at 8:30 AM ET.
Inflation data is crucial for cryptocurrencies and risk assets ahead of the Fed's expected rate cut in September.
“The Fed's favorite indicator could either exacerbate the downturn or bring a rebound,” crypto analyst Kyle Doops stated, noting that Bitcoin is in a "volatile" state ahead of the PCE data release.
Related: Hedge fund Numerai secures $500 million funding commitment from JPMorgan, driving the crypto-AI fusion.
Original article: “Bitcoin whales push BTC price under $109.5K, market wobbles ahead of U.S. PCE data release”
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