The Bitcoin (BTC) price is at a crucial but frustrating juncture. Despite strong support at $80,000 and a recent high of $87,500, a further breakout has eluded it. However, according to market analysts, this is no coincidence.
Whales are manipulating the market with “spoofing”
New analysis from the Material Indicators platform shows that it is primarily the large players – the so-called whales – who are deliberately putting downward pressure on the Bitcoin price. It is striking that this frequently happens on the Binance exchange.
These whales are using a dubious but effective tactic known as “spoofing.” This involves placing large sell orders on the order book with no intention of executing them. The goal? To scare off other traders and thus block further price increases. The result is a price stuck within a narrow range.
Currently, the strongest selling pressure is at USD 89,000, a level that acts as a psychological barrier to further gains. Analysts point to a specific entity known by the nickname “Spoofy the Whale,” which is repeatedly associated with such manipulative strategies.
When will Bitcoin break out?
The big question is how long this type of price manipulation will last. A strong buying wave from an institutional player could suddenly turn the tide and force a breakout. There are already signs that the market is moving.
So, another Bitcoin wipeout of USD 10 billion appears imminent – ​​a phenomenon that historically often marks the beginning of a strong rally.
On January 17, open interest (OI) reached a record high of USD 33 billion, according to data from the blockchain analytics platform CryptoQuant. But this optimism quickly turned to pessimism. Between February 20 and March 4, the market suffered a severe blow, including geopolitical tensions, economic uncertainty, and a wave of liquidations. The result: More than $10 billion evaporated from the futures market within a few weeks.
The coming days will be crucial. If the selling pressure subsides and buyers gain the upper hand, Bitcoin could potentially break out of this consolidation phase.
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