Bitcoin Holds $76K Amid “Spoofing” Concerns, Price Stalls at $77K High

Bitcoin’s rapid ascent hits a snag, with unusual market activity sparking caution among traders.

Bitcoin (BTC) retained its strength above $76,000 on Nov. 9, reaching a high of $77,270 on Bitstamp, but saw gains tempered by market behavior dubbed “spoof city,” which left BTC price action constrained within a tight range. Data from Cointelegraph Markets Pro and TradingView captured BTC/USD climbing to incremental all-time highs, only to see momentum slow.

“Spoof City” Unnerves Traders Amid Record Highs

The latest Bitcoin high fell short of expectations for more aggressive gains, leading some analysts to suspect market manipulation. Popular trader Skew highlighted “spoofing” in the order book, a tactic involving large blocks of liquidity placed and removed to influence prices—a common occurrence in crypto but banned in traditional markets.

Material Indicators, a crypto market data provider, observed a spike in buying volume on Binance, hinting that whales were potentially trying to break BTC price resistance. However, WhalePanda, a well-known commentator, noted that Bitcoin’s current behavior was unusual. “When it broke ATH in the past, the moves are always aggressive upwards. Now it barely moves up,” he noted on X .

Potential “Long Squeeze” Concerns

As Bitcoin settled in the $76,000 range, some analysts suggested a “long squeeze” could be on the horizon. CrypNuevo, a trader, pointed out that a sudden price dip could trigger liquidations for traders who recently entered long positions, describing this scenario as a way to clear out speculative positions.

ETF Demand and Long-Term Optimism

Despite the current market uncertainty, many experts maintain a bullish outlook. Longtime analyst Pentoshi highlighted the potential for further growth due to interest in Bitcoin spot exchange-traded funds (ETFs), particularly after an eight-month price consolidation phase. With some U.S. states considering holding Bitcoin and retirement funds expected to allocate to it, Pentoshi believes global adoption is set to expand.

According to data from UK-based investment firm Farside Investors, spot ETFs recorded inflows of $293 million on Nov. 8, following a billion-dollar surge the previous day.

Bitcoin’s steady growth and institutional interest may signal a resilient future, even as short-term price movements remain volatile.