Bitcoin News: Bitcoin 'Spoofing' Activity Caps BTC Price at $97K Amid Record Profit-Taking

Bitcoin’s (BTC) price momentum faced strong opposition as manipulative trading tactics and heavy profit-taking kept the $100,000 milestone out of reach. BTC/USD traded near $97,000, encountering stiff resistance as sellers sought to maintain control of the market.Spoofing and Liquidity Games Below $100KAccording to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s pivotal support level has shifted to $97,300. Skew, a prominent market analyst, highlighted the presence of bid liquidity at $95,000, but noted fresh “ask walls” around $99,000-$99,500, indicating "spoofing" activity aimed at pushing the price lower.“Ask liquidity moving lower with price... likely was removed already,” Skew explained, noting how spoofing during low-liquidity hours forces automated bots to sell, resulting in price declines.Profit-Taking Hits Record LevelsAmid the turbulence, long-term Bitcoin (BTC)  holders realized record profits of $443 million on Nov. 22 as BTC reached an all-time high of $99,800, according to CryptoQuant. Unrealized profits reached 57%, nearing the March 2024 peak of 69%, signaling potential for a price correction.Analyst Maartunn highlighted the elevated levels, warning: “This is approaching the March 2024 peak, signaling an increased probability of a price correction.”Market Predictions and Long-Term OutlookDespite near-term resistance, optimism remains for Bitcoin’s trajectory. Caleb Franzen, creator of Cubic Analytics, reiterated his bullish $175,000 BTC price target for 2025.“The Bitcoin bull market is right on schedule,” Franzen wrote in a Nov. 23 blog post. “BTC still needs to gain +77% to meet my target, but we’ve seen similar growth since September 2024.”Historical data supports Franzen’s confidence, showcasing parallels between this bull market and previous cycles.Looking AheadAs Bitcoin (BTC) battles resistance below $100,000, traders remain divided between bullish long-term targets and cautious near-term corrections. Whether BTC can break past its current ceiling or face a retracement to $90,000 will depend on market liquidity dynamics and continued investor sentiment.