Bitcoin Faces "Spoofing" Pressure as $100K Milestone Remains Elusive

Bitcoin's price, having soared to new all-time highs, is encountering stiff resistance just below the critical $100,000 level. Despite brief rallies above $99,000, Bitcoin’s price action is being influenced by a mix of market manipulation and profit-taking by long-term holders, keeping the $100K milestone just out of reach.

Market Manipulation and "Spoofing" Pressure BTC Price

On November 24, data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin (BTC) was moving closer to the $97,000 mark, as sellers intensified efforts to prevent BTC from reaching $100,000.

The struggle to break past $100,000 was compounded by a tactic known as "spoofing," where traders place large sell orders (ask walls) on exchanges to create the illusion of high selling pressure. This strategy manipulates the market by enticing traders to sell, driving the price down toward key support levels.

Popular trader Skew detailed this phenomenon, pointing out significant ask liquidity between $99,500 and $99,000 over the weekend, which likely influenced the price action. According to Skew, there was also bid liquidity positioned around $95,000, but the real focal point was a "pivotal low" at $97,300, which recently served as a crucial support level.

As Skew noted, the market is waiting for signs of "passive buyers" to step in, potentially reversing the downward pressure and supporting the current price.

Record Profit-Taking as Bitcoin Hits $99,800

Bitcoin's recent surge to a peak of $99,800 on November 22 prompted long-term holders to take profits, with a record amount of realized profits reported. According to CryptoQuant analyst Maartunn, a staggering $443 million in realized profits were recorded on the day Bitcoin approached its latest all-time high.

Maartunn also highlighted that Bitcoin's unrealized profit levels were reaching 57%, signaling that many holders were sitting on significant gains. This metric is approaching the levels seen during Bitcoin’s last major peak in March 2024 (69%), raising concerns about a potential price correction.

Potential for Price Pullback

Traders are eyeing potential pullback targets around the $90,000 mark, as Bitcoin's price remains highly volatile and subject to both profit-taking and manipulation. While a correction may be in the cards, there is still significant bullish sentiment surrounding the asset.

Optimism for Bitcoin’s Long-Term Outlook

Despite the short-term volatility, analyst Caleb Franzen, the creator of Cubic Analytics, remains optimistic about Bitcoin’s future. In his latest blog post on November 23, Franzen reiterated his target of $175,000 for Bitcoin by 2025, calling the ongoing bull market “right on schedule.”

Franzen pointed out that Bitcoin has already surged nearly 50% in Q4 2024, and while it still needs to gain another 77% to reach his target, the trajectory remains strong. A chart he included compared this year’s bull market to Bitcoin’s previous cycles, showing a pattern that aligns with historical growth trends.

Conclusion: A Crucial Moment for Bitcoin

As Bitcoin hovers near $97,000, market participants are watching closely for signs of a breakout above $100,000 or a potential correction. The combination of profit-taking, potential manipulation through spoofing, and the strong possibility of buyer interest at lower levels suggests that Bitcoin is at a pivotal moment in its current bull cycle.

While short-term fluctuations are expected, Bitcoin’s long-term outlook remains strong, with bullish analysts holding firm to their ambitious price targets for the coming years. Whether or not Bitcoin can surpass $100,000 in the immediate future, the momentum for future growth appears undeterred.