Bitcoin (BTC) was heading towards a “pivotal low” on November 24th as manipulative traders sought to keep $100,000 out of reach. Data from Cointelegraph Markets Pro and TradingView showed BTC price action heading closer to $97,000. After struggling to beat out sellers immediately below $100,000, BTC/USD saw order book “spoofing” return to exchanges over the weekend.
This came in the form of walls of ask liquidity placed in such a way as to entice the market lower toward support. Skew, a popular trader, explained that this spoofing often in illiquid hours forces bots to sell, leading to lower prices. He also noted that bid liquidity was lined up at $95,000, but it was $97,300 which formed the “pivotal low” from recent days.
He added that he would be looking for signs of passive buyers. Those selling, which include long-term holders, realized record profits on November 22nd as Bitcoin hit its latest all-time highs of $99,800. Analysts are now looking for signs of a potential price correction.
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