Originally published on: November 09, 2024
Bitcoin enthusiasts were on edge as the price of BTC surged to $76,000 on November 9, only to be stuck in a narrow range due to what traders dubbed as “spoof city” tactics.
Trading data revealed that BTC/USD was experiencing heavy volume and hitting new all-time highs, with a peak of $77,270 on Bitstamp before suspicions arose about the liquidity on exchange order books.
Popular trader Skew sounded the alarm on Twitter, noting the familiar practice of order book “spoofing” where liquidity is artificially inflated and then quickly withdrawn after price movements, a tactic common in the crypto space but forbidden in traditional markets.
One indicator pointed to large whale entities attempting to break through resistance levels on Binance, while commentators expressed skepticism about BTC’s behavior and performance.
Looking ahead, traders speculated about a potential “long squeeze” before the weekly close, anticipating sharp downward price movements that could liquidate late long entries following the recent highs.
Despite the short-term uncertainties, the long-term outlook remained bullish, with expectations of increased demand driven by spot Bitcoin exchange-traded funds (ETFs) in the future.
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