Bitcoin (BTC) preserved $76,000 into Nov. 9 as “spoof city” kept BTC price action pinned in a narrow range.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin still “underperforming” after trip to $77,200
Data from Cointelegraph Markets Pro and TradingView captured familiar trading conditions for BTC/USD: heavy volume and new all-time highs.
The latest record came in at $77,270 on Bitstamp, but was short lived — liquidity was shifting around exchange order books, leading observers suspicious.
“Spoof city again today,” popular trader Skew responded in a post on X.
“Asks walking price down & bids causing price to bounce.”
BTC/USDT 1-minute chart with liquidity data. Source: Skew/X
Skew referred to the practice of order book “spoofing” — large bands of liquidity placed at a given level, only to be thinned out or removed completely after price reacts. Such behavior is common in crypto but banned on legacy markets.
Elsewhere, trading resource Material Indicators pinpointed a moment when one or more whale entities attempted to break through BTC price resistance with major buying on largest global exchange Binance.
BTC/USDT order book liquidity for Binance. Source: Material Indicators/X
“I know it is weird to say after a week like this but BTC is acting weird and underperforming,” popular commentator WhalePanda told X followers, continuing the skeptical mood.
“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.”
Bitcoin ETF flows cool after giant new record
Considering what might come next, meanwhile, popular trader CrypNuevo maintained that a “long squeeze” could come before the weekly close.
Related: Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis
This would involve a sharp downward BTC price move liquidating late long BTC entries on the back of the latest all-time highs.
“$77k hit – liquidations hit,” he summarized alongside order book data covering Binance.
“Now yes… potential long squeeze in the making to shake-out some…..
