Despite an impressive performance that saw Bitcoin maintaining an $80,000 support for over a week and reaching a two-week high of $87,500, the crypto giant’s price has been stuck in a range. This stagnant movement is being attributed to large-volume traders manipulating exchange order books.

Material Indicators has pinpointed a classic manipulative mechanism known as “spoofing” at the heart of this issue. They observed that on Binance, a global trading platform, large blocks of ask liquidity were being strategically shifted above the price, effectively trapping it.

The trading resource highlighted in a post on X, “If you’re wondering why Bitcoin price hasn’t been able to rally past $87.5k yet, the reason is price suppression from Spoofy the Whale.” An attached chart indicates that the questionable liquidity currently resides at $89,000. It also reveals a distribution pattern among investor order classes, with only the biggest ‘whale’ transactions being spread out.

Material Indicators also suggest that the recent support at the multi-month lows of $76,000 might not be strong enough to provide a stable market base. Meanwhile, renowned trader Daan Crypto Trades underlined the importance of the $84,000-$85,000 region for Bitcoin bulls in the ongoing market saga.

“The bulls would want to hold on to the $84K-$85K region to keep the momentum. Otherwise, you’re at risk of visiting those lower liquidity clusters which then can end up in a full retrace as price is still choppy,” Daan explained in his own X post.

Daan Crypto Trades also drew attention to the 200-day simple moving average (SMA) and exponential moving average (EMA), critical bull market trendlines that bulls are currently attempting to convert into support at approximately $85,000.

Note: This article does not provide investment advice or recommendations. All investment and trading actions involve risk, and readers are advised to conduct their own research before making a decision.

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