Despite institutional capital inflows reaching billions of dollars, Bitcoin continues to trade within a narrow price range. This situation raises concerns about potential price manipulation in the cryptocurrency market. Bitcoin has been trading between $92,400 and $106,500 for about two months. Since December 18, the leading cryptocurrency has stayed within this range, briefly breaking out of it after the start of US President Donald Trump’s presidency on January 20, reaching $109,000, an all-time high. However, this surge was not sustainable, and Bitcoin quickly returned to its previous trading range.
IS IT AN ARTIFICIAL MARKET SCENARIO?
Samson Mow, CEO of Jan3 and founder of Pixelmatic, assessed Bitcoin’s movement within a narrow range by comparing it to past price movements. Speaking at the Consensus Hong Kong 2025 event, Mow claimed that the price movements did not seem natural. He stated that it appeared to be a form of price suppression, where Bitcoin reached a peak, remained stable, and then followed a sideways trend. While Mow acknowledged that consolidation is normal, he indicated that the current movements suggest an artificial market scenario. Mow argued that Bitcoin trading within a narrow price range is unnatural, despite many experts in the sector having optimistic long-term price expectations, with some predicting Bitcoin to reach between $160,000 and $180,000 by 2025.
STAGNATION PERSISTS DESPITE INSTITUTIONAL DEMAND
The stagnant trend in Bitcoin price persists despite the entry of institutional investors into the market. Mow highlighted the high demand for spot Bitcoin ETFs in the US, noting that institutional investors and individual buyers are accumulating Bitcoin, but the price has not shown significant growth during this period. Mow emphasized that large investors like Michael Saylor’s MicroStrategy have bought much more Bitcoin than the new Bitcoin supply entering the market. He stated, “If the price is not moving despite this, someone must be selling.” Mow explained that Bitcoin’s price is determined by the buying and selling activities in the market, noting that retail investors continue to make purchases using the dollar-cost averaging method, despite the ongoing price pressure. According to Mow, some large companies that went bankrupt or entered restructuring processes last year had to sell their Bitcoin assets. However, he mentioned that he believes that such selling pressures have largely ended.