Actually, the whales who are manipulating the markets are trying to push the price up. The steep correction is just people taking profit, which causes a dip that makes people panic sell. What goes up has to go down.
https://steemit.com/bitcoin/@philakonecrypto/bitcoin-s-hidden-wall-holds-invisibly-strong-see-millions-of-dollars-of-btc-dumped-with-a-wall-holding
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Thanks for the link. Just to clarify, are you saying the price is being propped up until the whale gets his fill and then he'll pull the props and let it go down even more?
The whales were trying to prop up the price, but they were unable too. The selling pressure was just too strong. Once the whales were gone, there was nothing to stop retail investors from panic selling and causing a massive dump.
Gotcha. So bit of a dead cat bounce today followed by some more correction?
Not necessarily. It just meant that if Bitcoin went broke below the whale buy wall 12800, Bitcoin was going to have a bloodbath, which it did.
I'm just doing an analysis of the past.