On November 24, Bitcoin (BTC) appeared to be heading towards a “pivotal low” as manipulative traders tried to keep the price above $100,000 out of reach. Using data from Cointelegraph Markets Pro and TradingView, the BTC price seemed to be approaching $97,000. After facing difficulty in overcoming sellers below $100,000, the BTC/USD pair saw order book “spoofing” return to exchanges over the weekend.
This involved placing walls of ask liquidity strategically to entice the market lower and toward support. Skew, a popular trader, explained that this spoofing often forced bots to sell during illiquid hours, causing prices to decrease. Despite bid liquidity being lined up at $95,000, it was $97,300 that formed the “pivotal low” from recent days.
Skew also mentioned that he would be looking for signs of passive buyers. Those selling, including long-term holders, realized record profits on November 22, as Bitcoin hit its latest all-time highs of $99,800. An analyst at onchain analytics platform CryptoQuant, Maartunn, reported the daily tally at $443 million.
Maartunn also noted that “Unrealized Profit levels are elevated, currently sitting at 57%,” in a further post on X. He added that this was approaching the March 2024 peak of 69%, which signaled an increased probability of a price correction. Cointelegraph reported on traders’ BTC price pullback targets, including $90,000 and lower.
Contributing a bullish angle to the market was Caleb Franzen, creator of financial research resource Cubic Analytics. In his latest blog post on November 23, Franzen reiterated his $175,000 BTC price target for 2025, describing the Bitcoin bull market as “right on schedule.” However, he pointed out that Bitcoin still needed to gain +77% to reach this target.
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<p>The post Manipulative Traders Keep Bitcoin Below $100,000 first appeared on CoinBuzzFeed.</p>
