Bitcoin is currently unable to break through the $ 87,500 level

The price of bitcoin BTC $94,382.15 Bitcoin -0.47% Market capitalization $1.87 trillion VOL. 24 hours $1.02 billion is currently unable to overcome the $ 87,500 threshold due to manipulation by major market players. Analysts at the Material Indicators platform have pointed out that the significant volume of sell orders on Binance is holding back further growth of BTC. In particular, one of these players has been nicknamed «Spoofy the Whale» in the community, a reference to the classic manipulative tactic of spoofing, when large orders are placed only to create the illusion of oversupply.

At the time of analysis, sell order blocks were concentrated at $ 89,000. This does not allow bitcoin to leave the range where it has been for more than a week. At the same time, the support around $ 76,000 was not strong enough to become a real market bottom, experts say.

Traders continue to keep a close eye on key support levels, particularly in the $ 84,000−85,000 area. According to Daan Crypto Trades, a popular analyst, it is the holding of this range that will allow bulls to maintain momentum and avoid a complete rollback to lower price clusters.

The local market structure is now trying to move to a small uptrend, but this requires buyer activity. Otherwise, there is a risk of a quick reversal and a hunt for the feet of those who entered positions too early.

In addition to local levels, traders are also focused on the 200-day moving averages — the simple moving average (SMA) and the exponential moving average (EMA). These key lines are located around $ 85,000, which are considered important indicators of a bullish trend. Now, bitcoin is trying to gain a foothold above them to get a chance for a new stage of growth.