Originally published on: November 09, 2024
Bitcoin’s price soared to $80,753 only to plummet to $76,000 due to the mysterious phenomena known as “spoof city,” which disrupted BTC trading. The market remained stagnant, with experts like Skew highlighting unusual order book behavior that led to suspicions among traders.
The volatile nature of Bitcoin trading was evident as whale entities attempted to break through resistance levels on exchanges like Binance. Whales made major buying moves, causing uncertainty among investors. Popular commentator WhalePanda expressed concerns over Bitcoin’s performance despite recent highs.
Traders speculated about a potential “long squeeze” that could lead to a sharp price drop before the weekly close. This scenario would liquidate late long entries following the recent all-time highs. Such market movements were reflected in order book data and liquidation heatmaps, indicating ongoing price fluctuations.
Despite short-term uncertainties, long-term prospects for Bitcoin remained optimistic. Analysts like Pentoshi pointed to the growing demand for spot Bitcoin exchange-traded funds (ETFs) as a driving force behind future price increases. Recent data showed significant ETF inflows, signaling continued investor interest in Bitcoin.
While trading in Bitcoin remains risky, staying informed and conducting thorough research is essential for making informed investment decisions. Stay updated on market trends and subscribe to the Markets Outlook newsletter for more insights and analysis.
