BTC Hits New ATH of $77K, but ‘Spoof City’ Activity Restrains Breakout

BTC Hits New ATH: Order Book Spoofing Holds Bitcoin Near $76K

Since “spoof city” kept the price action of Bitcoin confined to a small range, the cryptocurrency maintained $76,000 until November 9. TradingView and Cointelegraph Markets Pro data showed the BTC/USD pair in well-known trading conditions, including strong volume and new all-time highs. The most recent record, which was $77,270 on Bitstamp, was short-lived because observers became suspicious as liquidity moved across exchange order books.

Spoof city again today. Asks walking price down & bids causing price to bounce.

popular trader Skew

He made reference to the practice of “spoofing” order books, which involves placing wide bands of liquidity at a specific level and then thinning them down or removing them entirely when the price reacts. Such conduct is prohibited on legacy marketplaces but frequent in cryptocurrency.

Whale Activity on Binance Sees BTC Struggle at Resistance Amid Unusual Price Action

On the biggest international exchange, Binance, Material Indicators identified a time when one or more whale firms tried to breach the resistance in the price of bitcoin by making significant purchases.

I know it is weird to say after a week like this but BTC is acting weird and underperforming. 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.

popular commentator WhalePanda

The long-term perspective was still heavily biased in favor of the bullish story. In his most recent X update, veteran analyst Pentoshi predicted that spot Bitcoin ETFs would drive demand in the future. He commented, “I find it unlikely; we see those prices again after trading so long in this range; we see more ETF demand,” alluding to the eight-month period of consolidation that followed the March high of Bitcoin, which was its previous all-time high.

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.

Pentoshi

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