Analysts warn: Bitcoin price may be manipulated, market makers are accused of suppressing BTC's true value.

Despite the U.S. stock market hitting new highs and continuous inflow of ETF funds, Bitcoin (BTC) has been stuck in a consolidation phase between $110,000 and $115,000, unable to break through the $117,000 mark. Market analyst Ash Crypto warns that this may not be due to weak demand, but rather that market makers and exchanges are manipulating prices using futures and derivations, creating a "false softness" in the market.

Strong spot demand, but prices are being suppressed

Ash Crypto pointed out that historically, the price trend of Bitcoin has been mainly driven by the spot market:

Buyers absorb supply → Drive up prices

ETF steadily increases holdings → reduces exchange reserves

Long-term holders (HODLers) are unwilling to sell.

However, the current market structure has been changed by futures and derivation. The exchange has found that the profits from creating synthetic Bitcoin contracts are often higher than those from spot trading, which gives private cryptocurrency trading platforms the opportunity to leverage market trends without having to rely on the actual supply and demand of Bitcoin.

Signs of Manipulation: Shorting at Highs and Liquidation Wave

Analysts believe that when Bitcoin recently touched 124,000 USD, market makers and large investors quickly shorted through derivation and ETF, forcing bullish investors to liquidate their positions, and the price plummeted to 107,000 USD in just two weeks.

This "high-position shorting → liquidating retail investors → lowering prices" model is a typical strategy for manipulating the market.

Historical Pattern: Suppression Period Before the Outbreak

(Source: Trading View)

Despite concerns of manipulation, Ash Crypto emphasizes that the bull market cycle remains intact.

2017 and 2021: Bitcoin experienced a long period of consolidation and suppression before reaching new highs.

Current trend: The BTC daily chart shows the price consolidating below historical highs, possibly preparing for the next round of "price discovery."

As of the time of writing, BTC is priced at $114,969, having increased by 3% and 6% over the past 7 and 14 days, respectively.

How should investors respond?

Pay attention to the spot flow: ETF holdings and exchange reserve changes can reflect real demand.

Beware of high leverage traps: avoid over-positioning at critical resistance levels.

Utilizing consolidation periods for layout: History shows that periods of suppression often give birth to the next round of major increases.

Conclusion

The spot demand for Bitcoin and its long-term fundamentals remain robust, but structural changes in the futures and derivation market make prices more susceptible to manipulation. For investors, understanding this contradiction of "surface weakness, internal strength" and maintaining patience and discipline during consolidation may be the key to welcoming the next bull market.