NAIROBI (CoinChapter.com) — Bitcoin price continues to hover below $90,000 despite renewed bullish signals. Whale-driven spoofing on Binance, weak onchain retail data, and mixed macro sentiment are driving the current stall, while exchange outflows and ETF demand suggest strong underlying accumulation.
Whale Liquidity Games Keep Bitcoin Below $87.5K
Bitcoin hit $87,500 on March 20, its highest level in two weeks. It has since pulled back to around $83,951, still up 2.7% over the past week.
According to Material Indicators, large players are deploying spoofing tactics on Binance to prevent upward momentum. The firm blamed a whale labeled “Spoofy” for placing high-volume ask orders near $89,000 to suppress price action.
“If you are wondering why Bitcoin price hasn’t been able to rally past $87.5k yet, the reason is price suppression from Spoofy the Whale,” Material Indicators wrote in a March 20 post on X.
Their data shows these large orders dominating above price, keeping BTC in a tight range, with $76,000 offering little support below.
Retail Is Here—But Not Onchain
CryptoQuant CEO Ki Young Ju challenged the belief that retail hasn’t entered the market.
He argued on March 19 that ETF inflows—rather than onchain data—now reflect retail interest. “Retail is likely entering through ETFs — the paper Bitcoin layer — which doesn’t show up onchain,” Ju explained.
Roughly 80% of spot Bitcoin ETF inflows have come from retail investors since January, totaling $35.88 billion, per Farside data. This activity bypasses traditional wallets and exchanges, keeping onchain metrics like realized cap artificially low.
Ju previously predicted the bull market was ending, but later clarified that he expects Bitcoin to take six to twelve months to break its all-time high.
Coinbase Premium, Outflows Signal U.S. Accumulation
Data from CryptoQuant shows the Coinbase premium index reached its highest level since Feb. 20 after BTC rose 5% on March 19. A rising premium often reflects strong U.S.-based buying.
Bitcoin’s Coinbase premium index. Source: CryptoQuant
Analyst Woonminkyu noted that the 30-day EMA of the index recently crossed the 100-day EMA—historically a bullish pattern.
“This implies the presence of large players,” he wrote. The indicator supports the view that institutions and whales are accumulating through regulated platforms like Coinbase Advanced.
Bitcoin Exchange Netflow. Source: CryptoQuant
Meanwhile, CryptoQuant analyst CryptoOnCain observed the largest Bitcoin exchange outflow on a 90-day average since Jan. 2023. Exchange netflows turning negative often signal accumulation, as coins are withdrawn for long-term holding.
Bitcoin Structure Still Fragile as Traders Watch Key Levels
Bitcoin’s bounce back above $85,000 followed weeks of decline. Still, market sentiment remains mixed.
CryptoQuant analyst Crypto Dan noted that recent corrections stay within a standard 30% pullback range. “Massive liquidations have not occurred,” he said, suggesting current conditions do not yet reflect a bear market.
“Uncertainty in the market is an unavoidable element,” he added, pointing to geopolitical risks and macro pressures.
Bitcoin Spent Output Profit Ratio (SOPR). | Source: CryptoQuant
On the technical front, Daan Crypto Trades said $84,000–$85,000 remains a critical zone for bulls. Losing that level risks a deeper retrace into thin liquidity.
Michael Van de Poppe expects a retest of $90,000 if Bitcoin can hold its structure. But traders like Koroush AK and Max from BecauseBitcoin warned that suppressed price action and weak RSI could delay a breakout.
Despite ETF inflows and bullish Coinbase premiums, Bitcoin price remains stalled below $90,000. Whale spoofing, cautious sentiment, and weak trend momentum continue to weigh on short-term upside.