• Before a brief retreat, the price of bitcoin hit the $70K mark on Coinbase and other exchanges.
• As Bitcoin reached all-time highs, the Coinbase exchange saw its third crash.
• The trading platform is criticised by community members who point out manipulation.

The price of bitcoin (BTC) is attempting to reclaim the $70,000 mark following a short test on Friday. But following Coinbase Exchange’s third series fall, a panicked state of affairs swept the market. People in the community now claim that Bitcoin isn’t rising further.

Following Coinbase’s third-series meltdown earlier this month, Bitcoin retracts

On Friday, the price of Bitcoin (BTC) briefly approached the psychological $70,000 mark on the Coinbase Exchange before quickly retreating. Along with making $70,000 on BitMex Exchange, the trailblazing cryptocurrency reached an intraday high of $70,154 on FXStreet’s charts relative to the US dollar (USD). Bitcoin crested on Binance at $69,990.

Coinbase Exchange, on the other hand, stood out among all trading platforms as it experienced its third crash this month. The timing was significant since it has always occurred when the price of Bitcoin is trying to reach new highs.

Considering Coinbase’s history of falling offline during periods of exponential trading activity, some people were not surprised by the crash. Some, nevertheless, believe the collapse was planned and meant to enrich its wealthy customers.

A user on X who goes by the handle @BritishHodl claims to have a correct timeline of events in which Coinbase “shuts down the engine” after waiting for the market to rise to a point where OTC dealers run out of Bitcoin. Retail traders worry, which triggers trading algorithms to begin dumping and restores the flush on OTC desks. At this moment, BlackRock, Fidelity, and the other big boys can purchase all of the Bitcoin since Coinbase has turned back on the engine.

Even exchange-traded fund (ETF) expert Eric Balchunas of Bloomberg Intelligence has commented on the run of crashes, raising concerns about the effects on ETFs and wondering how a wealthy, tech-focused corporation can experience frequent failures.

Although the string of collapses is unsettling, Bitwise CIO Matt Hougan, who recently praised Bitcoin investors for their “steadfast optimism and confidence,” claims that Coinbase’s operations are unaffected.

Although ordinary consumers don’t worry about uptime, users do. The majority of users are typical users.

However, Hougan notes that custody benefits institutional players and is unaffected; thus, the crash primarily impacts retail.

Additionally, the majority of ETFs trade through several OTC counterparties that have access to global liquidity, and non-Coinbase platforms also have a lot of liquidity.

Despite Coinbase’s status as the largest cryptocurrency exchange in the United States, the Bitwise CEO believes the real issue to monitor is how these crashes will affect the company’s reputation.

Outlook for Bitcoin prices as the cryptocurrency community criticises Coinbase following a third crash

Resistance to the price of bitcoin is the $69,000 barrier, which was last challenged on March 5 when the cryptocurrency reached a peak of $69,324. Even if the $70,000 offer was quickly rejected, there is still room for growth as the price of Bitcoin continues to climb past the barrier.

The volume indicator’s expanding histogram bars and the rising Relative Strength Index (RSI) demonstrate the increasing momentum. This suggests a trend that is only becoming more pronounced. A surge in purchasing power might cause the price of Bitcoin to retest the $70,000 mark. Extended gains might be possible if there was a strong move over this level.