TLDR
Bitcoin reached a new all-time high of $99,800 but faced resistance below $100,000
Market saw record profit-taking of $443 million on November 22
Order book “spoofing” observed with ask walls moving between $99-99.5K
Total crypto liquidations hit $470 million in 24 hours
ZA Bank in Hong Kong launched Bitcoin and Ethereum trading services
Bitcoin’s march toward the $100,000 milestone faced unexpected hurdles this weekend as the cryptocurrency retreated to $97,000 amid a mix of profit-taking and market manipulation tactics. The pullback comes after Bitcoin reached a new all-time high of $99,800 on November 22, 2024.
Trading data from multiple exchanges revealed a complex pattern of selling pressure, with sophisticated traders employing “spoofing” techniques – a practice where large sell orders are placed but quickly removed before execution. These tactical moves appeared concentrated in the $99,000 to $99,500 range.
Market analysts observed unprecedented levels of profit-taking, with long-term holders cashing out $443 million in a single day on November 22. This marks the highest daily realized profit in Bitcoin’s trading history, suggesting that even devoted holders are taking advantage of the price levels.
The weekend trading session saw increased volatility as total crypto liquidations reached $470 million in just 24 hours. The ripple effects extended beyond Bitcoin, impacting various altcoins including Dogecoin, XRP, and Stellar. Despite the sharp movements, Bitcoin maintained its position above the crucial $95,000 support level.
Technical indicators show that unrealized profit levels have climbed to 57%, approaching the March 2024 peak of 69%. This metric historically suggests increased probability of price corrections, though market dynamics remain notably different in the current cycle.
Likelihood of a correction increased? 😱
Unrealized Profit levels are elevated, currently sitting at 57%. This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction. pic.twitter.com/f0VEJMJSYw
— Maartunn (@JA_Maartun) November 23, 2024
The overall cryptocurrency market capitalization held steady at $3.09 trillion, with Bitcoin’s dominance rate standing at 57.88%. This indicates that despite recent price action, Bitcoin continues to command the majority of crypto market value.
Trading volumes across major exchanges suggest strong institutional participation, with bid liquidity congregating around the $95,000 mark. Market watchers identified $97,300 as a pivotal low, with traders actively monitoring these levels for signs of accumulation.
In related developments, Hong Kong’s largest virtual bank, ZA Bank, announced the launch of Bitcoin and Ethereum trading services for retail customers. This move represents another step toward mainstream cryptocurrency adoption in Asia’s financial hub, though the immediate impact on prices appears limited.
The Fear and Greed Index remains firmly in “Extreme Greed” territory at 87 points, suggesting sustained bullish sentiment despite recent price action. However, traders remain cautious about potential overextension in the short term.
Recent data from CryptoQuant highlights the role of automated trading systems in the current market structure. Trading bots have been particularly active during periods of low liquidity, responding to large order book movements and contributing to price volatility.
Market analysts note that the current price action mirrors previous cycles, though with notably higher volumes and institutional participation. The seven-day price range established new boundaries, with Bitcoin trading between $89,501 and $99,605.
DeFi markets have maintained steady volume at $14.63 billion, representing 7.32% of total market activity. Stablecoin volume remains dominant at $178.85 billion, accounting for 89.48% of 24-hour market activity.
Infrastructure developments continue to support market growth, with increasing institutional service offerings and improved trading platforms contributing to market depth and liquidity.
Professional traders are closely monitoring order book dynamics, particularly the interaction between genuine selling pressure and manipulative tactics. The presence of spoofing activities suggests sophisticated market participants are actively managing price discovery in these ranges.
Trading data indicates that passive buyers remain active despite short-term volatility, with substantial bid support maintaining price stability above key psychological levels.
