Bitcoin ‘Spoofing’ Drives Price to $97K Amid Record Profit-Taking: Analysis
Hey there, Bitcoin enthusiasts! It looks like the price of BTC is on a bit of a rollercoaster ride right now. Sellers are playing hardball and not letting the price hit that magical $100,000 mark just yet.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is currently hanging out around $97,000. Traders have been using a sneaky tactic called “spoofing” to manipulate the market and keep the price below that big $100K milestone. This involves placing fake sell orders to trick bots into selling, which can push the price down.
Popular trader Skew pointed out that there is strong support at around $95,000, but $97,300 seems to be a key level to watch for now. It’s like a game of cat and mouse between buyers and sellers, with both sides trying to outmaneuver each other.
Interestingly, long-term holders of Bitcoin made some serious cash on November 22 when the price hit a record high of $99,800. According to onchain analytics platform CryptoQuant, these savvy sellers raked in a whopping $443 million in profits that day.
While some traders are eyeing a potential price correction, others like financial analyst Caleb Franzen are staying optimistic. Franzen has a bold prediction of $175,000 for BTC by 2025, and he thinks the current bull market is right on track to make it happen.
Remember, this article is for informational purposes only and doesn’t constitute investment advice. Crypto trading can be risky, so be sure to do your own research and make informed decisions. Happy trading, everyone! #Bitcoin #Bitcoin Price #Markets #Market Analysis
