Bitcoin is approaching a critical low on November 14 as manipulative traders try to keep it from surpassing $100,000. Data from Cointelegraph Markets Pro and TradingView indicated that the price of Bitcoin BTC is trending downwards towards $97,000 from $98,259.
After encountering challenges in overcoming sellers just below the $100,000 mark, BTC/USD witnessed the reemergence of order book spoofing over the weekend. This activity manifested as large ask liquidity walls strategically placed to push the market lower towards established support levels.
In a recent market analysis on X by trader Skew he stated, “Ask liquidity moving lower with price $99.5K – $99K (ask walls). A new ask wall was likely removed right above the current price here ~ Spoofing on the ask.” Skew mentioned that bit liquidity is positioned at $95,000 but recently a different figure has formed the critical low which is $97,300. He further adds that he will be observing the indicators of passive buyers.
Sellers, including long-term holders, realized unprecedented profits on November 22 as Bitcoin reached its latest all-time high of $99,800. He stated in a subsequent post on X on November 23 states that the unrealized profit levels are high which is right now at 57%. Earlier, Cointelegraph highlighted the trader’s targets for a BTC price pullback that has suggested levels below $90,000.
Analysts maintain a $175,000 BTC price projection, and the founder of financial research tool Cubic Analytics, Caleb Franzen offers an optimistic view on a market that has already risen nearly 50% in the fourth quarter. In his most recent blog post on November 2023, Franzen reaffirmed his $175,000 BTC price target for 2025, describing the Bitcoin bull market as right on track.
An accompanying chart depicts the bull market performance of this year in comparison to past Bitcoin market trends.
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