bullish

2024

Bitcoin

when

Bitcoin approached a “pivotal low” on Nov. 24 as manipulative traders worked to keep the $100,000 milestone out of reach. 
Data from Cointelegraph Markets Pro and TradingView showed BTC price action moving closer to $97,000. 
After struggling to break through sellers just below $100,000, BTC/USD experienced order book “spoofing” over the weekend. 
This involved ask liquidity walls designed to push 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,” explained Skew, a popular trader, in his latest analysis on X. 
“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.” 
Bid liquidity was observed around $95,000, with $97,300 forming the “pivotal low” in recent days. 
Skew added, “Will be looking for signs of passive buyers.” 
Meanwhile, long-term holders realized record profits on Nov. 22 when Bitcoin hit its latest all-time high of $99,800. 
Maartunn, an analyst at CryptoQuant, reported a daily realized profit of $443 million. 
“Unrealized Profit levels are elevated, currently sitting at 57%,” Maartunn noted in a Nov. 23 post. 
“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.” 
Earlier reports suggested traders’ pullback targets for BTC include $90,000 and lower. 
Analyst retains $175,000 BTC price target Caleb Franzen, creator of Cubic Analytics, remains bullish despite current challenges. 
In a Nov. 23 blog post, he reaffirmed his $175,000 BTC price target for 2025, stating that the Bitcoin bull market is “right on schedule.” 
“Sure, we’re tracking towards my target… But Bitcoin still needs to gain +77% to get there,” Franzen wrote. 
An accompanying chart compared this year’s bull market performance to previous cycles.

Spoofing Pushes Bitcoin Price Down as $100,000 Remains Out of Reach

Crypto Intelligence

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