- Bitcoin’s price is struggling to break past $87,500 due to market manipulation by a large trader, known as “Spoofy the Whale,” who is placing strategic sell orders to cap upward movement.
- Despite strong support around $84K-$85K, Bitcoin must overcome these liquidity barriers to sustain its bullish momentum.
Bitcoin has been struggling to break past the $87,500 mark, and analysts believe the culprit may be market manipulation by large-scale traders, commonly known as “whales.” Despite its strong support around the $80,000 level and occasional spikes, Bitcoin’s price remains capped, unable to push past a certain threshold. But why?
The Role of Spoofy the Whale
One major factor holding Bitcoin back appears to be a strategic form of market manipulation known as “spoofing.” According to analysis from Material Indicators, a trader (or group of traders) on Binance is placing large sell orders above Bitcoin’s current price. These orders create an artificial sense of selling pressure, discouraging upward movement. This technique has been used before by high-volume traders to manipulate price trends, and it seems to be happening again at the $87,500 level.
A recent post by Material Indicators referred to this entity as “Spoofy the Whale” and pointed out that significant liquidity blocks are now sitting at $89,000. This means that even if Bitcoin approaches this level, it may face immediate resistance due to these strategic sell orders.
Market Structure and Key Price Levels
Despite this apparent suppression, Bitcoin remains in a strong position, hovering around $84,000-$85,000. According to well-known trader Daan Crypto Trades, this price range is critical for sustaining momentum. If Bitcoin fails to hold this support, it could trigger a price drop toward lower liquidity zones, leading to a potential retracement.
Moreover, Bitcoin is currently battling to establish support above key technical trendlines, such as the 200-day simple moving average (SMA) and the exponential moving average (EMA), both of which sit around $85,000. If bulls successfully defend this level, it could provide the foundation for another push toward breaking the $87,500 resistance.
What’s Next for Bitcoin?
While whale manipulation may be preventing a breakout, Bitcoin’s resilience above $80,000 suggests that bullish sentiment remains strong. Traders and investors should keep an eye on whether Bitcoin can maintain support in the $84K-$85K range. If momentum continues, it may eventually challenge the liquidity barriers imposed by “Spoofy the Whale.”
For now, Bitcoin remains in a delicate balance between bullish optimism and strategic market resistance. Whether it can finally break free from this price ceiling will depend on how traders react to these ongoing liquidity maneuvers.