BTC market flippening! The '100,000 major threshold' is difficult to break, and the 'fake orders' are surging

BTC once approached $100,000 over the weekend, just a stone's throw away from the 'dream barrier,' but failed to break through due to strong selling pressure in the market. Whether the selling pressure comes from investors taking profits or manipulators deliberately suppressing the uptrend, the tug-of-war between long and short positions has made the currency price more volatile, and a large number of 'fake orders' emerging behind the scenes even caused BTC to briefly fall below $96,000.

Selling pressure is heavy, $100,000 becomes the "ceiling"?

According to TradingView data, as Bitcoin approached $97,000, it encountered layers of selling pressure. Although bullish traders attempted to break through the strong sell orders below $100,000, the market saw a large number of 'fake orders' over the weekend, deliberately guiding the coin price to test the support level.

These 'fake order' behaviors are mainly reflected in the Liquidity walls (ask walls) that put up a large number of false sales orders, attracting the currency price to adjust downward. Skew, a well-known analyst, pointed out in an analysis posted on social platform X:

Sell orders adjust Liquidity as the price slides to between $99,500 and $99,000, with the latest sell wall pressing above the price, possibly already being cancelled - this is a typical 'spoofing' behavior.

Skew further explains that such 'fake orders' often occur during periods of low market liquidity, such as weekends, which forces automated trading systems (such as trading bots) to dump assets, further driving down prices.

However, he also pointed out that BTC has formed strong buying support at $95,000, and the current "key low point" is at $97,300. He added:

Next, we will observe whether there are signs of 'passive buyers' entering the market.

Profit-taking surged, with a record single-day amount

After BTC hit a new all-time high of $99,800 on November 23rd, the market saw a wave of profit-taking, with some long-term holders also starting to dump and lock in their profits.

According to CryptoQuant, a blockchain analysis platform, investors cashed out a profit of up to $443 million that day, setting a new record.

Analyst Maartunn pointed out: "The proportion of unrealized profits currently reaches 57%, close to the 69% peak in March 2024. This means that the risk of a pullback in the market in the short term is increasing."

Analysts maintain a target price of $175,000.

Although there is increasing short-term pressure in the market, Caleb Franzen, founder of Cubic Analytics, remains confident in the long-term trend of Bitcoin.

In his latest blog post, he reiterated his expectation that BTC will rise to $175,000 in 2025 and described the pace of the current Bull Market as 'as expected'. He wrote:

Currently, we are steadily moving towards our goal... But BTC needs to rise another 77% to reach $175,000. It is worth noting that since September 9, 2024, BTC has already risen 77%.

<BTC market flippening! "100,000 barrier" difficult to break, "fake orders" surging> This article was first published on "Blocktempo".