Bitcoin (BTC) held on to $76,000 until November 9 as “Spoof City” locked the BTC price action in a narrow range.
Bitcoin still “underperforms” after falling to $77,200
Data from Cointelegraph Markets Pro and TradingView captured familiar trading conditions for BTC/USD: massive volume and new all-time highs.
The latest record reached $77,270 on Bitstamp, but it was short-lived. Observers became suspicious because liquidity was moving around the exchange order book.
“Fooling the city again today,” popular trader Skew responded in a post on X.
“Ask a working price, and the bids cause the price to bounce back.”
Skew refers to the practice of “spoofing” order books. This means deploying large amounts of liquidity at a certain level and then thinning it out or removing it completely after the price reacts. This behavior is common in cryptocurrencies but is prohibited in legacy markets.
Elsewhere, trading resource Material Indicators pinpointed the moment when one or more groups of whales attempted to break through BTC price resistance through large purchases on Binance, the largest global exchange.
Popular commentator WhalePanda continued his skeptical tone, telling his
“In the past, when we broke the ATH, the movement was always aggressively upwards. Now it barely goes up. “The higher the market capitalization, the more you need, but who will take it out because the inflow is so huge?”
Bitcoin ETF flows cool off after huge new record.
Meanwhile, considering what might happen next, popular trader CrypNuevo claimed a “long squeeze” could come before the weekly close.
relevant: Bitcoin Could Go ‘Parabolic’ as BTC Price Closes Above $71.5K Weekly — Analysis
This includes a sharp downward BTC price move that liquidated long-term BTC entries from recent all-time highs.
“$77,000 hit – liquidation hit,” he summarized with Binance’s order book data.
“Now yes… a potential buying squeeze is underway to liquidate long positions.”
As always, the long-term perspective is firmly biased in favor of optimistic narratives. Long-time commentator Pentoshi confirmed in his recent X update that Bitcoin ETFs (Exchange Traded Funds) will drive demand going forward.
“After trading in this range for so long, I think it’s unlikely we’ll see prices like that again. ETF demand will also be higher,” he wrote, referring to the eight-month consolidation period since Bitcoin’s all-time high in March.
“We’re seeing some U.S. states being interested in having it and starting to allocate their retirement funds to it. Global adoption will only increase from here. Any big drop is a gift because you are on an unstoppable path.”
Cash ETFs saw inflows of $293 million on November 8, according to data from British investment firm Farside Investors. This is more than $1 billion less than the previous day’s record inflows.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.