Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking

Bitcoin ( BTC ) headed toward a “pivotal low” 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 from Cointelegraph Markets Pro and TradingView showed BTC price action heading closer to $97,000.

After struggling to beat out sellers immediately below $100,000, BTC/USD saw order book “spoofing” return to exchanges over the weekend.

This came in the form of walls of ask liquidity placed in such a way as to entice 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,” popular trader Skew explained in his latest market analysis on X.

“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”

BTC/USDT 15-minute chart with liquidity data. Source: Skew/X

Skew noted bid liquidity lined up at $95,000, but it was $97,300 which formed the “pivotal low” from recent days.

“Will be looking for signs of passive buyers,” he added.

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

Maartunn, a contributing analyst at onchain analytics platform CryptoQuant, reported the daily tally at $443 million.

Bitcoin daily realized profit loss ratio. Source: Maartunn/X

“Unrealized Profit levels are elevated, currently sitting at 57%,” he continued in a further X post on Nov. 23. 

“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”

Bitcoin onchain realized price and profit/loss margin. Source: Maartunn/X

Earlier, Cointelegraph reported on traders’ BTC price pullback targets including $90,000 and lower.

Analyst retains $175,000 BTC price target

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

Related: Bitcoin 'wild' odds see 85% chance of BTC price above $100K by New Year

In his latest blog post on Nov. 23, Franzen reiterated his $175,000 BTC price target for 2025, describing the Bitcoin bull market as “right on schedule.” 

“Sure, we’re tracking towards my target… But Bitcoin still needs to gain +77% to get there. As an FYI, BTC is up +77% since September 9th, 2024,” he wrote.

An accompanying chart compares bull market performance this year to others in Bitcoin’s history.

Bitcoin cycle comparison. Source: Cubic Analytics

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.