Bitcoin started off August with a selling spree and while the price did stabilize for a week, we are now seeing even more intense selling taking place in the second half of August, 2015. As of right now all indication of a bullish market is now lost and the bears have won the battle.
Bitcoin value is decreasing
When you look at the daily charts you can see that the Bitcoin keeps testing for lower and lower points. The last mass selling on the 19th of August closed the market at $218,693 and even though the next day was bullish, there was not enough buying power to recover from such a deep drop.
We even touched the $211,050 area for a brief moment which likely indicates that another similar drop can happen in the coming days.
MACD and RSI oversold
The MACD and RSI indicators are both showing pretty extreme oversold conditions, but despite that Bitcoin is still falling further. This has lead me to believe that the suspicious drop to $194,922 was indeed some form of a price manipulation and the overall market has just started to react accordingly. It’s sad, but who can really blame the people when the Bitcoin price is so easily manipulated? All it takes is an entity with a big enough Bitcoin wallet.
Who owns the most Bitcoins? The FBI of course. We don’t want to say it, but we’re all thinking it… oh and just FYI, I am not blaming the feds for this one, it’s more likely the BTC-E who is responsible for the last insanely fast price drop. It didn’t happen on any of the other exchanger charts.