Bitcoin once approached $100,000 over the weekend, just a stone's throw away from the 'dream barrier,' but failed to break through due to strong market selling pressure. Whether the selling pressure comes from investors taking profits or manipulators deliberately suppressing the rise, the tug-of-war between bulls and bears has made the coin price more volatile, with a surge of 'fake orders' causing Bitcoin to briefly fall below $96,000.
Heavy selling pressure, is $100,000 the 'ceiling'?
TradingView data shows that as Bitcoin approaches $97,000, it faces layers of selling pressure, although the bulls attempted to break through the strong sell orders below $100,000, during the weekend, the market saw a surge of 'fake orders' deliberately guiding the coin price down to support levels.
These 'fake order' behaviors are mainly reflected in the liquidity walls (ask walls) that display a large number of false sell orders, attracting the coin price to adjust downwards. Renowned analyst Skew pointed out in an analysis posted on social platform X:
Sell order liquidity adjusted as prices fell between $99,500 and $99,000, with the latest sell order wall pressing above the price, which may have already been withdrawn — this is typical 'fake order' manipulation behavior.
Skew further explained that such 'fake order' behavior often occurs during periods of low market liquidity (such as weekends), forcing automated trading systems (like trading bots) to sell assets, further driving down prices.
However, he also noted that Bitcoin has formed strong buying support at $95,000, while the current 'key 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 daily amounts hitting record highs
After Bitcoin refreshed its historical high of $99,800 on November 23, the market welcomed a wave of profit-taking, with some long-term holders beginning to sell to lock in profits.
According to data from blockchain analysis platform CryptoQuant, the profits realized by investors cashing out that day reached $443 million, setting a new historical high.
Analyst Maartunn pointed out: "The proportion of unrealized profits currently stands at 57%, close to the peak of 69% in March 2024. This means that the risk of a market pullback in the short term is increasing."
The analyst maintains a target price of '$175,000'
Although market pressure is intensifying in the short term, Cubic Analytics founder Caleb Franzen remains confident in Bitcoin's long-term trend.
In his latest blog post, he reiterated that he expects Bitcoin to rise to $175,000 by 2025, describing the current bull market's pace as 'everything as expected.' He wrote:
Currently, we are steadily moving towards our goal... but for Bitcoin to reach $175,000, it still needs to rise by 77%. Notably, since September 9, 2024, Bitcoin has already risen by 77%.
"Bitcoin market has turned around! The '100,000 barrier' is hard to break, and 'fake orders' are surging" This article was first published on (Blockke).
