Observers blamed thin liquidity for bitcoin's cartoonish price action during Asian trading hours. reports godbole17
The"Bart Simpson" price pattern, resembling the cartoon character's hairstyle, made a comeback to the bitcoin market early Wednesday as the cryptocurrency saw a quick rise and fall in a thinly traded market.
"There was a sharp jump in the rate from $39,200 to $41,700, followed by an almost equally rapid pullback to the area below $39,000. Stop orders were triggered in the morning low-liquid market, but it is clear that the selling pressure remains huge," Alex Kuptsikevich, senior market analyst at FXPro, said in an email.
The cryptocurrency has recently seen multiple bull failures above $42,000. The latest from today's Asian session likely resulted from the activity of market makers – entities quoting both a buy and a sell price in a tradable asset held in inventory satisfy the market. "If a spike like we've seen this a.m. occurs, then there is a risk the exchanges will call for more margin and hence [market makers] risk being liquidated. To avoid that, market makers push the market down, [perhaps by shorting the cryptocurrency in the spot or futures market]," Kssis added.
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