Bitcoin pundits wary after ‘spoof city’ sours BTC price gains at $77K

As a seasoned crypto investor with a decade of experience under my belt, I have seen the market’s ebb and flow more times than I can count. The current situation with Bitcoin feels like deja vu – the price action is reminiscent of those narrow ranges we used to see back in 2017.


On November 9th, the value of Bitcoin (BTC) held steady around $76,000, with market activity keeping the price fluctuations within a tight band – often referred to as a period of “congestion” or “stagnation.

Bitcoin pundits wary after 'spoof city' sours BTC price gains at $77K

Bitcoin still “underperforming” after trip to $77,200

Data from CryptoMoon Markets Pro and TradingView captured familiar trading conditions for BTC/USD: heavy volume and new all-time highs.

The recent record stood at $77,270 on Bitstamp, yet it proved fleeting; the movement of liquidity across the exchange’s order books sparked concern among onlookers.

“Spoof city again today,” popular trader Skew responded in a post on X.

“Asks walking price down & bids causing price to bounce.”

Bitcoin pundits wary after 'spoof city' sours BTC price gains at $77K

In simpler terms, “Skew” refers to a technique called “order book manipulation,” where substantial amounts of fake orders (liquidity) are put at specific levels. Once the market responds to these orders by changing price, these orders are either reduced or eliminated altogether. This type of activity is prevalent in cryptocurrency markets but is prohibited on traditional financial platforms.

In other locations, the Resource Trading Indicators signaled a time where one or several large whale investors tried to push past Bitcoin’s price ceiling by making significant purchases on the leading international exchange, Binance.

Bitcoin pundits wary after 'spoof city' sours BTC price gains at $77K

In simpler terms, “WhalePandaa recently shared with his audience of X followers that it seems unusual, given the past week’s events, for Bitcoin (BTC) to be acting oddly and not meeting expectations.” This comment maintains a cautious tone.

“When it broke ATH in the past the moves are always aggressive upwards. Now it barely moves up. The higher the marketcap the more is needed but inflows are massive so who is unloading.”

Bitcoin ETF flows cool after giant new record

As I delve deeper into my analysis, I find myself aligning with CrypNuevo’s perspective regarding a potential “long squeeze” scenario before the upcoming weekly close.

This could mean a significant drop in Bitcoin (BTC) prices, causing the elimination of later BTC buy positions that were opened following the recent record highs.

“$77k hit – liquidations hit,” he summarized alongside order book data covering Binance.

“Now yes… potential long squeeze in the making to shake-out some longs.”

Bitcoin pundits wary after 'spoof city' sours BTC price gains at $77K

consistency has always leaned towards a positive outlook for the market, and in his recent X update, experienced analyst Pentoshi anticipates that Bitcoin ETFs will stimulate future demand.

In his words, “It seems improbable that we’ll return to those prices given our prolonged trade within this range. Instead, I anticipate increased interest in Bitcoin ETFs.” He was referring to the eight-month phase of stability that occurred following Bitcoin’s previous record high in March.

“We are seeing that in the US some states are interested in holding it, and that retirement funds will begin to allocate. Global adoption will only INCREASE from here. It’s on a unstoppable path, any big pullbacks are a gift.”

Bitcoin pundits wary after 'spoof city' sours BTC price gains at $77K

On November 8th, exchange-traded funds focused on specific stocks (ETFs) reportedly brought in approximately $293 million, according to figures from Farside Investors based in the UK – significantly lower than the over $1 billion inflow recorded the day before, which set a new record.

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2024-11-09 12:04