Bitcoin held steady above $76,000 on Nov. 9, with its price action stuck in a narrow range, a phenomenon some traders are calling “spoof city.”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching a high of $77,270 on Bitstamp before settling lower. Market participants noticed unusual liquidity movements on exchanges, raising concerns about potential market manipulation.
Popular trader Skew noted on X, “Spoof city again today,” explaining that large orders appeared to influence prices only to be removed or adjusted, a tactic known as “spoofing.” Spoofing is banned in traditional markets but remains common in crypto.
Meanwhile, Material Indicators, a trading resource, highlighted an attempt by large entities to break Bitcoin’s price resistance through heavy buying on Binance, the world’s largest crypto exchange.
However, some traders remain cautious. “BTC is acting weird and underperforming,” said well-known analyst WhalePanda, noting that the current price action lacks the aggressive upward momentum typically seen after all-time highs. WhalePanda speculated that despite massive inflows, there might be large holders selling into the market.
Popular trader CrypNuevo suggested that a “long squeeze” might occur before the weekly close, potentially driving Bitcoin’s price sharply down to liquidate late long positions. “$77k hit – liquidations hit,” CrypNuevo commented, adding, “Now yes… potential long squeeze in the making to shake-out some longs.”
Despite short-term uncertainties, the long-term outlook remains bullish. Commentator Pentoshi sees Bitcoin spot ETFs as a major driver of demand, especially as more U.S. states and retirement funds begin to allocate to Bitcoin. “Global adoption will only INCREASE from here. It’s on an unstoppable path,” Pentoshi said, viewing any price pullbacks as opportunities.
On Nov. 8, U.K.-based Farside Investors reported that spot Bitcoin ETFs saw net inflows of $293 million, a significant drop from the record inflows seen the day before but still a sign of continued interest.
