The price of bitcoin BTC $85,314.32 Bitcoin 1.33% Market capitalization $1.69 trillion VOL. 24 hours $1.71 billion continues to remain below the $ 85,000 mark, despite the market’s attempts to recover from a recent drop to $ 81,600. According to analysts, the main role in restraining growth may be played by so-called «whales» — large players who are likely to deliberately influence the order book by creating fake sell requests to restrain the price increase.
Keith Alan, co-founder of the Material Indicators platform, noted that large sell orders at $ 87,500 systematically block further growth, while large buy orders below $ 78,000 create a «buy on the fall» effect. Such actions are typical signs of spoofing, a manipulation where fake orders are submitted to create a false impression of market supply or demand.
Some traders, including an analyst named Ted, believe that the market is in a phase of re-accumulation according to the Wyckoff pattern. He is convinced that the latest drop below $ 85,000 is an attempt to knock the bulls out of the market before a significant breakout. In his opinion, the passage above $ 92,000 will be a turning point that will destroy the bears' positions and may trigger a short squeeze.
At the same time, some traders, such as Altcoin Sherpa, emphasize technical uncertainty: despite the presence of support, the chart structure looks unstable, especially on weekly intervals. On the other hand, Rekt Capital notes that Bitcoin has already closed the CME futures gap between $ 82,000 and $ 85,000, which was previously an important technical target.
Special attention is also paid to bitcoin’s dominance in the market. According to Rekt Capital, a new alt-season can begin only if the dominance breaks the 71% level. Currently, this indicator is approaching a critical value, which creates preconditions for the potential growth of altcoins.
From an online perspective, Ali draws attention to the increase in the activity of large wallets: over 1,280 BTC worth more than $ 106 million were moved over the past day. However, global liquidity has shrunk by almost a trillion dollars in two weeks, which may restrain the potential growth of bitcoin, despite the optimistic signals on the charts.