Bitcoin approached a “pivotal low” on Nov. 24 as manipulative traders worked to keep the $100,000 milestone out of reach.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action moving closer to $97,000.
After struggling to break through sellers just below $100,000, BTC/USD experienced order book “spoofing” over the weekend.
This involved ask liquidity walls designed to push the market lower toward support.
“Ask liquidity moving lower with price $99.5K–$99K (ask walls). Fresh ask wall right above price here which likely was removed already ~ Spoofing on the ask,” explained Skew, a popular trader, in his latest analysis on X.
“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”
Bid liquidity was observed around $95,000, with $97,300 forming the “pivotal low” in recent days.
Skew added, “Will be looking for signs of passive buyers.”
Meanwhile, long-term holders realized record profits on Nov. 22 when Bitcoin hit its latest all-time high of $99,800.
Maartunn, an analyst at CryptoQuant, reported a daily realized profit of $443 million.
“Unrealized Profit levels are elevated, currently sitting at 57%,” Maartunn noted in a Nov. 23 post.
“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”
Earlier reports suggested traders’ pullback targets for BTC include $90,000 and lower.
Analyst retains $175,000 BTC price targetCaleb Franzen, creator of Cubic Analytics, remains bullish despite current challenges.
In a Nov. 23 blog post, he reaffirmed his $175,000 BTC price target for 2025, stating that the Bitcoin bull market is “right on schedule.”
“Sure, we’re tracking towards my target… But Bitcoin still needs to gain +77% to get there,” Franzen wrote.
An accompanying chart compared this year’s bull market performance to previous cycles.
