Bitcoin bounces to $66K as rumors swirl over Jane Street selling algorithm
-
Bitcoin
BTCUSD
sought to reclaim $65,000 as support into Wednesday’s Wall Street open as rumors swirled around US institutional pressure.Key points:
Bitcoin bounces 2.5% as talk turns to alleged selling pressure from Wall Street trading company Jane Street.
Jane Street rebuts claims of crypto market manipulation during the 2022 bear market.
“Razor thin” order books boost BTC price volatility.
Bitcoiners debate Jane Street “10am price slam”
Data from TradingView tracked a BTC price rebound, taking
BTCUSD
to $66,300 on Bitstamp before the pair consolidated.
Daily price gains remained at more than 2% at the time of writing, while crypto market participants became increasingly interested in potential deliberate BTC price suppression.A theory circulating on social media revolved around secretive quantitative investment firm Jane Street, now subject to legal action by defunct crypto company Terraform Labs.
Coordinated algorithmic selling of Bitcoin at 10am Eastern time daily, it alleged, provided the main impetus for months of BTC price downside beginning in October 2025.
Amid the ongoing legal proceedings, Jane Street may have been forced to suspend its trading strategy, leaving the market to adjust higher.
The Terraform Labs complaint makes specific reference to “market manipulation” that impacted crypto throughout 2022, the year in which Bitcoin put in its last bear market bottom of $15,600 in Q4.
Jane Street told Cointelegraph that the accusations were “baseless, opportunistic claims.”
The 10am argument, meanwhile, failed to convince many. Crypto YouTuber Wise Advice was among them, suggesting that the theory was too simplistic to be valid.
BTC price versus “razor thin” liquidity
Commenting on the latest BTC price move, traders remained cautious.
“$BTC is facing major resistance at $66k - from both the local range lows and the 4h trend,” trader Jelle wrote in his latest analysis on X.
“Flipping that could spark short-term relief, but until that happens, the trend is clear. Don't fight it.”
Keith Alan, cofounder of trading resource Material Indicators, said that a “razor thin order book” on exchanges had contributed to the price rebound.Overhead sell liquidity, he told X followers, had been pulled in advance of US President Donald Trump’s State of the Union address.
The 24-hour crypto liquidations totaled $333 million at the time of writing, per data from CoinGlass, with shorts accounting for $213 million of that figure.
source: https://www.tradingview.com/news/cointelegraph:47b795c2a094b:0-bitcoin-bounces-to-66k-as-rumors-swirl-over-jane-street-selling-algorithm/