But wait!!! Again sudden dip of $5000 in a few hours?? How can we explain it: Are bad actors manipulating it or it just the market sentiments towards downward making such huge pricefall?
This is called a short/long squeeze. Standard manipulation for the crypto market and bitcoin in particular. First, sharply increase the price of the asset, collect stops and liquidations from traders, and then make a long overdue dump, again, collect stops and liquidations.
According to recent reports, liquidations amounted to $700,000,000. Not a bad catch for the exchanges.
There is an opinion that the fall was caused by option expiration. The derivatives market always brings trouble for a healthy spot market.