Whales Suppress BTC Price Below $85K, Traders Eye $92K Breakout

Bitcoin (BTC) price remains trapped below $85,000, with on-chain and technical indicators suggesting whales may be controlling recent price action.

Despite recovering from a sharp weekend drop to $81,600, BTC’s upward momentum remains capped amid warnings of spoofing, reduced global liquidity, and looming resistance levels.

Spoofy Whale Activity Suppressing BTC Price?

Data from Material Indicators co-founder Keith Alan points to persistent spoofing behavior that appears to be manipulating Bitcoin’s order book.

Alan flagged large-volume ask orders that have repeatedly halted BTC’s gains near $87,500, while bids laddered down to $78,000 signal a coordinated effort to buy the dip.

“While I have no real way of confirming it’s the same entity… it certainly appears that Spoofy has been buying this dip,” Alan stated.

He added that the suspected whale has used ask liquidity to steer price into its own bids.

This type of behaviour—known as spoofing—is not new in crypto, but its scale and persistence have raised eyebrows.

$92K Breakout Could Change Everything

Pseudonymous trader Ted argued that  BTC price  currently sits in a Wyckoff re-accumulation phase.

He said the recent dip below $85,000 was “pure manipulation” meant to shake out remaining bulls.

He added that a move above $92,000 could reverse the tide entirely.

“Once BTC goes above $92K, bears will get rekt,” Ted posted on X.

This outlook aligns with UFO Calls’ analysis, which shows liquidity clustering above $85,000 on Binance’s liquidation heatmap.

The trader suggested a short squeeze may be imminent if BTC climbs above current resistance levels.

CME Gaps, S/R Confusion Add Complexity

Altcoin Sherpa cautioned that current price levels still act as support, but clarity is lacking.

“Everything is pretty ugly on the 1W… best to assume we’re still bearish,” he wrote.

Meanwhile, Rekt Capital noted that BTC has filled the CME futures gap between $82,000 and $85,000.

That gap had been a target for many traders watching legacy markets’ correlation with crypto price action.

Daan Crypto Trades also commented on the weekend volatility, stating, “Quite the volatility for a weekend indeed,” noting that BTC may end the week near Friday’s close despite the sharp dip.

Altseason Hinges on Bitcoin Dominance

Rekt Capital pointed to  Bitcoin dominance  as a critical altseason trigger. In a recent post, he noted that historical alt seasons have only begun when BTC dominance hits the ceiling and gets rejected by 71 percent.

“If history repeats, the real Altseason everybody is waiting for would begin once Bitcoin Dominance rejects from 71%,” Rekt Capital wrote.

Current dominance hovers close to that level, suggesting altcoins could benefit if BTC breaks higher or stalls.

BTC Price On-Chain Movement and Global Liquidity Drop

Analyst Ali noted a sharp increase in whale activity over the last 24 hours. More than 1,280 BTC—worth over $106 Million—moved across wallets, suggesting behind-the-scenes repositioning.

At the same time, Ali warned of a macroeconomic headwind. The global money supply has declined by nearly $1 Trillion in the last two weeks.

That drop may weigh on risk assets, including Bitcoin, limiting the upside despite bullish sentiment among traders.

“Bitcoin will rally as global liquidity grows,” Ali noted, “but what they aren’t telling you is that the Global Money Supply dropped nearly $1 trillion.”

BTC remains in a contested zone, with liquidity games, technical confusion, and macro headwinds shaping price action.

The next move toward or above $92,000 could invalidate bearish pressure, but whales appear to have the upper hand—for now.