Bitcoin (BTC) headed toward a “pivotal low” on Nov. 24 as manipulative traders sought to keep $100,000 out of reach.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin faces stiff opposition around $100,000
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.
“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,” popular trader Skew explained in his latest market analysis on X.
“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”
BTC/USDT 15-minute chart with liquidity data. Source: Skew/X
Skew noted bid liquidity lined up at $95,000, but it was $97,300 which formed the “pivotal low” from recent days.
“Will be looking for signs of passive buyers,” he added.
Those selling, which include long-term holders, realized record profits on Nov. 22 as Bitcoin hit its latest all-time highs of $99,800.
Maartunn, a contributing analyst at onchain analytics platform CryptoQuant, reported the daily tally at $443 million.
Bitcoin daily realized profit loss ratio. Source: Maartunn/X
“Unrealized Profit levels are elevated, currently sitting at 57%,” he continued in a further X post on Nov. 23.
“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”
Bitcoin onchain realized price and profit/loss margin. Source: Maartunn/X
Earlier, Cointelegraph reported on traders’ BTC price pullback targets including $90,000 and lower.
Analyst retains $175,000 BTC price target
Contributing the bullish angle to a market already up nearly 50% in Q4 was Caleb Franzen, creator of financial research resource Cubic Analytics.
Related: Bitcoin ‘wild’ odds see 85% chance of BTC price above $100K by New Year
In his latest blog post on Nov. 23, Franzen…
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