Bitcoin researchers are cautious after the price of BTC increased by 77 thousand dollars
Bitcoin (BTC) maintains $76,000 to November 9 as “spoof city” BTC price action stuck in narrow range.
BTC/USD 1-Hour Chart. Source: TradingView
After a trip to $77,200, Bitcoin is still operating “below the lows.”
Data from Cointelegraph Markets Pro and TradingView have mapped familiar trading conditions for BTC/USD: heavy volume and new all-time highs.
The latest record came at $77,270 on Bistamp, but it was short-lived – liquidity was shifting around the exchange's books, leaving observers skeptical.
In a post on X, popular trader Skew responded saying, “Spoof city again.”
“Hiking has asked for a price and it's made the price go up.”
BTC/USDT 1 minute chart with liquidity. Source: Skew/X
Skew referred to the practice of “rigging” the order book – large liquidity bands placed at a particular level that are reduced or removed entirely after a price reaction. This kind of behavior is common in crypto but it is forbidden in the old markets.
Elsewhere, trading inputs materially indicated that one or more whale parties would attempt to break through BTC's price resistance with major buying by major global exchange Binance.
BTC/USDT order book liquidity for Binance. Source: Materials Indicators/X
Well-known analyst WhalePanda continued his skepticism, “I know it's weird to say this after a week, but BTC is weird and underperforming,” he told X followers.
“When the ATH is broken in the past, the moves are always aggressive to the upside. Now it barely moves up. The higher the market potential, the more is needed, but the inflows are huge so who is downloading.
Bitcoin ETF Cools After Huge New Record.
Considering what might come next, popular trader CrypNuevo said a “long squeeze” could come before the weekly close.
Related: Bitcoin Could Go ‘Parabolic' With BTC Price Over $71.5K Weekly – Analysis
This includes a very downward BTC price movement that has liquidated long BTC entries on the back of recent highs.
“$77k hit – Liquidity found,” he summed up with order book data covering Binance.
“Now yes… a long squeeze in doing some long stretches to shake.
BTC liquid temperature map (screenshot). Source: CoinGlass
As before, his long view was strongly skewed to support the bully narrative. In his latest X update, longtime analyst Pentoshi sees Bitcoin driving interest in exchange-traded funds (ETFs) going forward.
“I find it unlikely, we see those prices again after a very long trade in this region, we see more demand for ETFs,” he wrote, referring to the eight-month consolidation period that followed Bitcoin's old all-time high in March.
“We're seeing some states in the U.S. showing interest in holding it and starting to set aside pension funds. International adoption will only increase from here. It's on an unstoppable trajectory, any big pullback is a gift.”
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
The spot ETFs took in $293 million on Nov. 8, according to data from UK-based investment firm Farside Investors — $1 billion less than the previous day's inflows.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
