Bitcoin’s (BTC) price momentum faced strong opposition as manipulative trading tactics and heavy profit-taking kept the $100,000 milestone out of reach. BTC/USD traded near $97,000, encountering stiff resistance as sellers sought to maintain control of the market.
Spoofing and Liquidity Games Below $100K
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s pivotal support level has shifted to $97,300. Skew, a prominent market analyst, highlighted the presence of bid liquidity at $95,000, but noted fresh “ask walls” around $99,000-$99,500, indicating "spoofing" activity aimed at pushing the price lower.
“Ask liquidity moving lower with price... likely was removed already,” Skew explained, noting how spoofing during low-liquidity hours forces automated bots to sell, resulting in price declines.
Profit-Taking Hits Record Levels
Amid the turbulence, long-term Bitcoin (BTC) holders realized record profits of $443 million on Nov. 22 as BTC reached an all-time high of $99,800, according to CryptoQuant. Unrealized profits reached 57%, nearing the March 2024 peak of 69%, signaling potential for a price correction.
Analyst Maartunn highlighted the elevated levels, warning: “This is approaching the March 2024 peak, signaling an increased probability of a price correction.”
Market Predictions and Long-Term Outlook
Despite near-term resistance, optimism remains for Bitcoin’s trajectory. Caleb Franzen, creator of Cubic Analytics, reiterated his bullish $175,000 BTC price target for 2025.
“The Bitcoin bull market is right on schedule,” Franzen wrote in a Nov. 23 blog post. “BTC still needs to gain +77% to meet my target, but we’ve seen similar growth since September 2024.”
Historical data supports Franzen’s confidence, showcasing parallels between this bull market and previous cycles.
Looking Ahead
As Bitcoin (BTC) battles resistance below $100,000, traders remain divided between bullish long-term targets and cautious near-term corrections. Whether BTC can break past its current ceiling or face a retracement to $90,000 will depend on market liquidity dynamics and continued investor sentiment.
