Was the last rally actually sustainable? Multiple indices could point towards a large amount of regular and systematic whale manipulations.

Last month we just had the second-best start to a year BTC ever had, behind just 2013. It surely was the fresh wind we needed in this forest of red candles but we should be cautious on whether the rally we had was actually healthy and sustainable. As multiple indicators seem to suggest that it was more of a systematic pump up caused by one or multiple bigger entities (Whales) in Crypto.

One of the most obvious indices for this may be obvious if we just look at the price chart of BTC and see when the major pumps each occurred on the daily time frame. All of the big pumps that broke through significant resistance points we had in the past month were almost exclusively happening on Friday night (baring the post-FOMC pump).

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Friday pumps from my TradingView

You may be questioning the size of man of those pumps but notably the pumps on Friday 13th and Friday 20th are important as both of those had put us through significant resistance levels. On the 13th we broke through the $19k resistance that stood since the FTX implosion and on the 20th we broke though multiple resistance levels like the $21.5k and the $22.5k levels, before that we did not even test those levels. Also there were always notable exchange activities during that time, as just this Friday we had $150M withdrawn from exchanges, the past two times were also on Friday.

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Chart from Glassnode

I am not a person that likes to talk about whale manipulation that much because it is something that will always exist and we can do nothing about it but only decrease it steadily. Though this time there seems to be unusal much whale manipulations possibly, which also kind of makes sense as we are in a bear market where not much retail is left to move prices but only whales can do that right now.

Let me know you opinion down in the comments: