the fact that bitfinex is trading below the other exchanges now suggests that most of the buying pressure is coming from elsewhere at this point. add the fact that shorts are obviously being squeezed on bitfinex too---about 4k BTC shorts have closed into this pump over $6k---it's obvious the rally isn't hinging on bitfinex anymore. quite reminiscent of 2017 if you ask me.
it's not that any entities have control over the market. smart whales are just following the path of least resistance, which was obviously UP.
it's not that any entities have control over the market. smart whales are just following the path of least resistance, which was obviously UP.
Then I believe the next question should be "is the market currently over-leveraged, and when will this rally stop?"
It would be stupid to assume that the market is being moved absent of margin buy orders.
it's obvious that shorts were over-leveraged, with shorts massively outnumbering longs on bitfinex and the bitmex funding rate going constantly negative over the past week or two. that situation is beginning to even out now as shorts squeeze and bulls buy in, but longs haven't risen above shorts yet. it'll still be a while before longs become overextended IMO.
if we rise to $10k like the master expects, i'm sure longs will be feeling much heavier by then.
Bitcoin price consistently seems to be driven by idiotic traders more than anything.
Traders who become so biased they do things like short this run again and again and again.... This along with the strange bottom structure (which starts to look like the tail end of a giant stop hunt), leaves bitcoin moving in max pain scenario. Absolute maximum pain is we don't retrace ever again IMO
