Hi,
I am relatively new to Bitcoin trading and there is something I would like to ask the opinion of experienced traders about.
I keep watching a few exchanges during the day and sometimes I notice a sudden upward or downward price spike. For example, let's say the BTC price is fluctuating mildly around 7340 in the range of 7330 - 7350, and all of a sudden, the price instantly jumps up to 7480, and then drops back to 7340 range pretty quickly. Same with downward spikes, for example the price instantly jumps down to 7210 and then goes back up quickly. This does not happen frequently but it grabbed my attention.
Any ideas what might be causing this behavior? A huge buy/sell order? Some manual manipulation on the exchange side?
Thanks.
Sudden changes in price is mainly cause by whales and big investors. They have big impact on the demand of coin. There is actually no one who haa full control over the proce of bitcoin even powerful government. Its mainly dependent on the people who supported it. Its basically what the law of demand and supply, and this also applies to crypto. That is why publicity and mrketing ia important to catch more big investors.