Emre Yumlu 
While gold and silver surged sharply and grabbed headlines, Bitcoin price action during the same period appeared unusually weak. The leading cryptocurrency struggled to gain traction, repeatedly failing to break above the $90,000 level before eventually sliding much lower. This divergence sparked debate among market participants, with some analysts arguing that the explanation lies not in macroeconomics or ETF flows, but deep within exchange order books.
The Invisible Ceiling Below $90,000
At the start of last month, traditional markets were showing strength. Precious metals pushed to new highs, and equities maintained bullish momentum. Bitcoin, however, moved sideways and showed little follow-through on upside attempts. Each rally stalled just below $90,000, a behavior that, in retrospect, signaled vulnerability.
According to market observers, this persistent failure was not coincidental. Repeated rejection at the same price zone suggested the presence of structural resistance rather than a lack of demand driven by sentiment or fundamentals. The eventual breakdown toward the $75,000 area confirmed that this level had acted as a hidden ceiling for weeks.
Liquidity Pressure Inside the Order Book
Detailed order-book analysis revealed a consistent pattern: heavy sell orders were repeatedly placed just above the spot price. These visible sell walls discouraged aggressive buying and capped upward momentum even when broader market conditions appeared favorable.
This phenomenon is often described as “liquidity steering.” Large participants can influence short-term price behavior by positioning sizeable orders at strategic levels. When traders see thick sell liquidity overhead, upside risk increases, prompting hesitation. As buyers step back, price drifts sideways or lower, allowing dominant players to accumulate positions more quietly at improved levels.
Crucially, this approach does not depend on news catalysts or macro data. Instead, it exploits trader psychology and the transparency of order books, a tactic that tends to surface around key periods such as options expiries or monthly closes.
Bitcoin 87,500 Dollars: A Fragile Support Zone
At the same time, order-book data showed a dense cluster of buy orders forming between roughly $85,000 and $87,500. This zone absorbed selling pressure multiple times and acted as a short-term floor during Bitcoin’s consolidation phase.
As long as this support held, the market retained the potential for another upside attempt. However, once price slipped below the lower end of this bid cluster, liquidity thinned dramatically. Selling accelerated, and Bitcoin quickly dropped into the $74,000–$76,000 range, highlighting how quickly conditions can deteriorate when structural support fails.
A Shift in Market Regime
Some analysts had warned that a monthly close below approximately $87,500 would mark a clear technical breakdown. Such a move signals a transition into a weaker market phase, where declining confidence reinforces downside momentum.
In summary, Bitcoin’s failure to rally alongside gold and silver was less about external narratives and more about internal market mechanics. The same order-book dynamics that kept price pinned below resistance ultimately left Bitcoin exposed once support gave way.
This content does not constitute investment advice.
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