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.”
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.
“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.”
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.
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.