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

Other articles published on Nov 25, 2024

Texas Crypto Miners Now Required to Disclose Energy Consumption

5 Signs Crypto Gaming Is Evolving Beyond the Hype

Sky Mavis Restructures Workforce, Lays Off 21% to Sharpen Strategic Focus

Comprehensive Guide to AI Video and AI Voice Tools

Anime Token

SHIB Holders Alerted to Scam Risks by Shiba Inu Team

Join our free newsletter for daily crypto updates!