- The bots are not unique to the crypto market; they are also found in other industries like the stocks.
- Bitcoin price stable above $6,500 with highlighted supports at $6,400 and $6,200.
Bitcoin stability continues for the second month. However, the breakout that investors have been expecting this week failed to materialize. After recovering from the bear market at the beginning of last month, BTC/USD has defended the ascending channel support. On the contrary, the bulls failed to break the resistance at $6,800. Bitcoin has also been consolidating in a contracting triangle with an overdue breakout.
Price manipulation in the crypto market is becoming a concern even for the U.S. Securities and Exchange Commission (SEC) and other regulators. Likewise, one of the reasons why a Bitcoin exchange-traded fund (ETF) was rejected manipulation. Trading bots are also a growing concern in the industry and are believed to be used some unscrupulous traders. Bots are simple automated trading programs. The bots are not unique to the crypto market; they are also found in other industries like the stocks. The software can either be developed by traders or purchased online.
Although Bitcoin failed to break out of the mentioned triangle resistance, it is trading sideways. At the same time, the price is stable above $6,500. Most of the technical indicators are ranging as BTC/USD is staring at them not bothered to make any significant change to its position in either direction. The current stability has not been experienced in the crypto market for long. This could also mean that the overdue breakout can finally occur.
There are several strong support zones on the 15-minutes time chart; the initial support is at $6,500, $6,400 and the primary support at $6,200.
BTC/USD 15′ chart -636743405541802332.png)
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