The post Bitcoin Sellers Challenge $100,000 Milestone Amid Market Manipulation Concerns appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) grapples with significant selling pressure, the $100,000 price point remains a critical battleground for traders and investors. Data indicates that despite recent gains, BTC is facing formidable resistance, which could lead to a pivotal market correction. According to popular trader Skew, the market has seen manipulative practices such as spoofing, which adds a layer of complexity to ongoing price movements. Explore the latest Bitcoin market dynamics as it confronts resistance at $100,000 and what analysts predict for its future trajectory. Bitcoin faces stiff opposition around $100,000 Data from Cointelegraph Markets Pro and TradingView showed BTC price action heading closer to $97,000. Following intense struggles to overcome the $100,000 threshold, fluctuations in the trading environment have re-introduced order book spoofing to exchanges over the weekend. This tactic manifests through the placement of ask liquidity walls designed to lure the market downward, encouraging it to test stronger support levels. Popular trader Skew provided insights through his recent market analysis on X, noting: “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,” He elaborated that “this spoofing, often occurring in illiquid trading hours, forces bots to sell, leading to lower prices.” Such market maneuvers complicate the landscape as traders navigate volatility. According to Skew, while bid liquidity stands firm at $95,000, significant activity at $97,300 has established a crucial support level. He expressed a keen interest in identifying signs of passive buying in the current market. On a notable day, longtime holders and sellers experienced a surge in realized profits as Bitcoin approached its latest all-time high of $99,800 on November 22. Maartunn, a key analyst at the on-chain analytics platform CryptoQuant, reported that the total realized profits for the day…

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Filed under: News - @ November 24, 2024 12:26 pm