Bitcoin’s $87.5K ceiling—natural resistance or whale manipulation?

Bitcoin’s price appears to be capped at $87,500 — and guess why, according to some analysts? Because of price manipulation by one or more large investors, the so-called whales. That’s according to a specific report from Material Indicators, published just yesterday — hot off the press, so to speak. The primary suspect in this whole scheme is Spoofy, the well-known Bitcoin whale. “If you’re wondering why Bitcoin’s price can’t break above $87,500, the reason is price suppression by Spoofy,” summarized the analysts in their report. To recap: Bitcoin has managed to maintain a trading range between $80,000 and $87,500 — the latter being a two-week high reached just yesterday. According to analysts, the price could’ve climbed even higher, but the whales’ maneuvers in the order books have prevented that. Material Indicators, which examined the order flow on Binance, pointed out that moving large sell walls above the current price has kept Bitcoin within a tight trading range. This process is considered manipulative and is known by the broad term “spoofing” — a tactic frequently used by these whales in the past.