Bitcoin (BTC) has hit a ceiling at $87,500, largely due to the influence of one or more major market players, according to recent analyses. The latest insights from a trading resource indicate the reasons behind BTC’s stagnation within its current range.
“Spoofy the Whale” is pointed to as the culprit for this price confinement. Bitcoin has been able to maintain support at $80,000 for over a week and reached a two-week peak of $87,500 on March 20. Despite the general volatility in risk assets, BTC/USD could have potentially surged higher if it weren’t for the actions of high-volume traders in exchange order books.
Analyzing data from a major trading platform, experts highlighted that large chunks of ask liquidity above the current price were effectively keeping Bitcoin anchored within a limited range—a tactic commonly referred to as “spoofing,” which has frequently been exploited by whales in previous instances.
If you’ve been curious about Bitcoin’s inability to exceed the $87.5k mark, the ongoing price suppression by this whale is likely the explanation, as detailed in social media discussions.
Current data from the BTC/USDT order book reveals significant liquidity positioned at $89,000. Additionally, it provides insight into the types of investor orders, illustrating how virtually all transactions, except those from the largest whales, are being distributed.
While examining this data, analysts suggested that the support at the recent multi-month low of $76,000 may not serve as a solid market foundation.
In the meantime, well-known trader Daan Crypto Trades emphasized that the critical short-term level of around $84,000 is vital for bullish momentum moving forward.
“The bulls need to maintain the $84K-$85K range to sustain traction. Otherwise, there’s a risk of revisiting those lower liquidity zones, which could lead to a complete retracement as the price remains volatile,” part of his commentary noted.
Current market conditions are attempting to shift towards a mild uptrend, but bulls must take action to maintain this direction, or it could lead to merely brief deviations or stop hunts.
Daan further focused on the 200-day simple moving average (SMA) and the exponential moving average (EMA), significant trendlines that bulls are currently striving to convert into support at approximately $85,000.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to conduct their own research before proceeding.