I tend to agree with the thought that BTIG is trying to acquire a big position. I don't like the idea of them capping the increases and then pushing down the price / filling at the bid, but I understand that how the game is played.
I have accumulated a few hundred thousand shares since the stock last touched $.61. The bid has been routed through csti on each occasion that I have checked. This may make your thesis somewhat more difficult to validate. Or perhaps ....... you can account for it.