{"id":52072,"date":"2024-11-25T01:20:00","date_gmt":"2024-11-25T01:20:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-spoofing-btc-price-97-4-k-record-profit-taking"},"modified":"2024-11-25T04:33:23","modified_gmt":"2024-11-25T04:33:23","slug":"bitcoin-spoofing-drives-btc-price-to-97k-amid-record-profit-taking","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52072","title":{"rendered":"Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking"},"content":{"rendered":"

Bitcoin (BTC) headed toward a \u201cpivotal low\u201d on Nov. 24 as manipulative traders sought to keep $100,000 out of reach.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin faces stiff opposition around $100,000<\/h2>\n

Data showed BTC price action heading closer to $97,000.<\/p>\n

After struggling to beat out sellers immediately below $100,000, BTC\/USD saw order book \u201cspoofing\u201d return to exchanges over the weekend.<\/p>\n

This came in the form of walls of ask liquidity placed in such a way as to entice the market lower toward support.<\/p>\n

\u201cAsk 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,\u201d popular trader Skew explained in his latest market analysis on X.<\/p>\n

\u201cThis spoofing often in illiquid hours forces bots to sell, leading to lower prices.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT 15-minute chart with liquidity data. Source: Skew\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Skew noted bid liquidity lined up at $95,000, but it was $97,300 which formed the \u201cpivotal low\u201d from recent days.<\/p>\n

\u201cWill be looking for signs of passive buyers,\u201d he added.<\/p>\n

Those selling, which include long-term holders, realized record profits on Nov. 22 as Bitcoin hit its latest all-time highs of $99,800.<\/p>\n

Maartunn, a contributing analyst at onchain analytics platform CryptoQuant, reported the daily tally at $443 million.<\/p>\n

\"\"
Bitcoin daily realized profit loss ratio. Source: Maartunn\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cUnrealized Profit levels are elevated, currently sitting at 57%,\u201d he continued in a further X post on Nov. 23.<\/p>\n

\u201cThis is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin onchain realized price and profit\/loss margin. Source: Maartunn\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Earlier, Cointelegraph reported on traders\u2019 BTC price pullback targets including $90,000 and lower.<\/p>\n

Analyst retains $175,000 BTC price target<\/h2>\n

Contributing the bullish angle to a market already up nearly 50% in Q4 was Caleb Franzen, creator of financial research resource Cubic Analytics.<\/p>\n

Related: <\/strong><\/em>Bitcoin ‘wild’ odds see 85% chance of BTC price above $100K by New Year<\/strong><\/em><\/p>\n

In his latest blog post on Nov. 23, Franzen reiterated his $175,000 BTC price target for 2025, describing the Bitcoin bull market as \u201cright on schedule.\u201d<\/p>\n

\u201cSure, we\u2019re tracking towards my target\u2026 But Bitcoin still needs to gain +77% to get there. As an FYI, BTC is up +77% since September 9th, 2024,\u201d he wrote.<\/p>\n

An accompanying chart compares bull market performance this year to others in Bitcoin\u2019s history.<\/p>\n

\"\"
Bitcoin cycle comparison. Source: Cubic Analytics<\/em><\/p>\n<\/figcaption><\/figure>\n

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.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) headed toward a \u201cpivotal low\u201d 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 showed BTC price … Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52074,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin 'spoofing' drives BTC price to $97K amid record profit-taking - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52072\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) headed toward a \u201cpivotal low\u201d on Nov. 24 as manipulative traders sought to keep $100,000 out of reach. 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