Bitcoin’s $87.5K Ceiling: Whale Shenanigans!

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Oh the joy! Bitcoin (BTC) is stuck at $87,500, all thanks to some whales playing their manipulative games. 🐋🎩

Material Indicators, the trading gurus, dropped some knowledge on March 20 about why BTC/USD is in this mess.

“Spoofy the Whale” Takes the Spotlight

Bitcoin’s been clinging to $80,000 for dear life, hitting a whopping $87,500 on March 20. But guess what? It could’ve gone higher if it weren’t for those sneaky large-volume traders. 🤑

On Binance, the global trading playground, Material Indicators pointed out that these whales are moving around blocks of ask liquidity like it’s nothing—a classic trick called “spoofing.” Classic, indeed. 🙄

“Wondering why Bitcoin can’t break past $87.5k? Blame Spoofy the Whale for the price suppression,” they summed up on X. Brilliant.

A fancy chart shows liquidity lurking at $89,000, with everyone but the biggest whales scattering. 📊

Material Indicators also hinted that the recent low of $76,000 isn’t exactly a solid foundation. Comforting. 🙈

Bulls Battle for Trend Lines

Meanwhile, trader Daan Crypto Trades said the $84,000 zone is crucial for the bulls. No pressure. 🐂

“Bulls need to hang onto the $84K-$85K range to keep the party going. Otherwise, prepare for a wild ride down,” he explained on X. Thanks, Daan. 🎢

“The market’s trying to uptrend, but bulls better step up or it’s just a blip/short stop hunt.”

Daan’s also eyeing the 200-day SMA and EMA, trendlines that bulls are desperately trying to flip to support at $85,000. Fingers crossed. 🤞

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2025-03-21 09:46