2024

Bitcoin

when

Bitcoin headed toward a “pivotal low” on Nov. 24 as manipulative traders sought to keep $100,000 out of reach.
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 <img alt="Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking" src="https://s3.cointelegraph.com/uploads/2024-11/01935e0e-6b6e-7b22-9753-676f59485b40" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-faces-stiff-opposition-around-100-000">Bitcoin faces stiff opposition around $100,000</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) 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,” trader Skew said in his <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1860633993785528700" rel="null" target="null" text="null" title="null">latest market analysis</a> on X.
<blockquote>
 “This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”
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 <img alt="Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking" src="https://s3.cointelegraph.com/uploads/2024-11/01935e09-bc6c-7b60-8712-7df5ea41acee" title="">
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 BTC/USDT 15-minute chart with liquidity data. Source: Skew/X
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Skew noted bid liquidity lined up at $95,000, but it was $97,300 that formed the “pivotal low” from recent days.
“Will be looking for signs of passive buyers,” he said.
Those selling, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-diamond-hand-sell-off-risks-etf-inflows-98k" rel="null" target="null" text="null" title="null">include long-term holders</a>, realized record profits on Nov. 22 as Bitcoin hit its latest all-time highs of $99,800.&nbsp;
Maartunn, a contributing analyst at onchain analytics platform CryptoQuant, <a data-ct-non-breakable="null" href="https://x.com/JA_Maartun/status/1860327772729577644/photo/1" rel="null" target="null" text="null" title="null">reported</a> the daily tally at $443 million.
<figure>
 <img alt="Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking" src="https://s3.cointelegraph.com/uploads/2024-11/01935e0a-9faf-76be-b01d-a38e02965e2a" title="">
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 Bitcoin daily realized profit loss ratio. Source: Maartunn/X
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“Unrealized Profit levels are elevated, currently sitting at 57%,” he <a data-ct-non-breakable="null" href="https://x.com/JA_Maartun/status/1860259029194338418" rel="null" target="null" text="null" title="null">said</a> in a further X post on Nov. 23.&nbsp;
<blockquote>
 “This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”
</blockquote>
<figure>
 <img alt="Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking" src="https://s3.cointelegraph.com/uploads/2024-11/01935e0b-2e5e-7645-b2e7-bf705c64fda9" title="">
 <figcaption style="text-align: center;">
 Bitcoin onchain realized price and profit/loss margin. Source: Maartunn/X
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Earlier, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-back-to-90k-traders-diverge-btc-price-pullback" rel="null" target="null" text="null" title="null">Cointelegraph reported</a> on traders’ BTC price pullback targets including $90,000 and lower.
<h2 id="analyst-retains-175-000-btc-price-target">Analyst retains $175,000 BTC price target</h2>
Caleb Franzen, creator of financial research resource Cubic Analytics, contributed a bullish angle to a market already up nearly 50% in Q4.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-odds-85-chance-100k-bitcoin-new-year" rel="null" target="null" text="null" title="null">Bitcoin ‘wild’ odds see 85% chance of BTC price above $100K by New Year</a>
In his latest <a data-ct-non-breakable="null" href="https://cubicanalytics.substack.com/p/arent-you-having-fun" rel="null" target="null" text="null" title="null">blog post</a> on Nov. 23, Franzen reiterated his $175,000 BTC price target for 2025, describing the Bitcoin bull market as “right on schedule.”&nbsp;
“Sure, we’re tracking towards my target… But Bitcoin still needs to gain +77% to get there. As an FYI, BTC is up +77% since September 9th, 2024,” he wrote.
An accompanying chart compares bull market performance this year to others in Bitcoin’s history.
<figure>
 <img alt="Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking" src="https://s3.cointelegraph.com/uploads/2024-11/01935e0c-320b-7bf9-b105-da593e08c17a" title="">
 <figcaption style="text-align: center;">
 Bitcoin cycle comparison. Source: Cubic Analytics
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking

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