Bitcoin once approached $100,000 over the weekend, just a stone's throw away from the "dream mark", but failed to break through due to strong selling pressure from the market. Whether the selling pressure came from investors taking profits or manipulators deliberately suppressing the rise, the tug-of-war between longs and shorts has made the price of the currency more volatile, and the emergence of a large number of "fake orders" behind the scenes has caused Bitcoin to fall below $96,000.



Bitcoin once approached $100,000 over the weekend, just a stone's throw away from the "dream mark", but failed to break through due to strong selling pressure from the market. Whether the selling pressure came from investors taking profits or manipulators deliberately suppressing the rise, the tug-of-war between longs and shorts has made the price of the currency more volatile, and the emergence of a large number of "fake orders" behind the scenes has caused Bitcoin to fall below $96,000.

With heavy selling pressure, is $100,000 the "ceiling"?

TradingView data shows that when Bitcoin approached $97,000, it encountered layers of selling pressure. Although bulls tried to break through the strong sell orders below $100,000, a large number of "fake orders" emerged in the market during the weekend, deliberately guiding the price of the currency to test the support level.

These "fake orders" are mainly reflected in the liquidity wall (ask walls) of a large number of fake sell orders, which attract the price of the currency to adjust downward. The well-known analyst Skew pointed out in the analysis published on the social platform X:

Sell ​​order liquidity adjusted as the price fell to between $99,500 and $99,000. The latest sell order wall was above the price and may have been cancelled long ago - this is a typical "fake order" manipulation behavior.

Skew further explained that this type of "fake order" behavior often occurs during periods of low market liquidity (such as weekends), forcing automated trading systems (such as trading robots) to sell assets, further lowering prices.

However, he also pointed out that Bitcoin has formed strong buying support at $95,000, while the current “critical low” is at $97,300. He added:

Next, we will observe whether there are signs of "passive buyers" entering the market.

A wave of profit-taking emerged, with a record single-day amount

After Bitcoin hit a record high of $99,800 on November 23, the market saw a wave of profit-taking, and some long-term holders began selling to lock in profits.

According to data from the blockchain analysis platform CryptoQuant, the profits realized by investors from cashing out on that day reached US$443 million, setting a record high.

Analyst Maartunn pointed out: "The proportion of unrealized profits has now reached 57%, close to the peak of 69% in March 2024. This means that the risk of a market correction in the short term is increasing."

Analysts maintain their target price of $175,000

Although market pressure has increased in the short term, Caleb Franzen, founder of Cubic Analytics, remains confident in the long-term trend of Bitcoin.

In his latest blog post, he reiterated that he expects Bitcoin to rise to $175,000 by 2025, and described the current bull market as “all as expected.” He wrote:

We are currently making steady progress towards our goal… but Bitcoin still needs to rise another 77% to reach $175,000. It is worth noting that Bitcoin has already risen 77% since September 9, 2024.