Introduction
In early November 2025, Bitcoin’s rally hit a speed bump in the form of a massive sell wall of limit orders clustering above the $105,000 leveltradingview.com. This “insane” wall of sell orders pinned the price down, stalling bullish momentum and prompting traders to suspect manipulation or spoof tacticstradingview.comtradingview.com. At the same time, U.S. stock markets were nervously awaiting a Supreme Court decision on President Trump’s trade tariffs – a ruling that, if the tariffs were struck down, was expected to inject bullish sentiment into equitiestradingview.comreuters.com. The convergence of these events – a mysterious sell wall in Bitcoin and a potential catalyst in stocks – highlights how liquidity dynamics and macro news can jointly influence cryptocurrency prices.
What is a Sell Wall?
A sell wall is simply an extra-large limit sell order or combination of sell orders placed at a specific price level on a cryptocurrency exchangeprimexbt.com. On an order-book depth chart, a sell wall looks like a towering block of supply. Because it takes enormous buy-side volume to absorb such a wall, it effectively caps upward movement of the priceprimexbt.comprimexbt.com. For example, as PrimeXBT notes, if a trader (a so-called whale with vast holdings) places 10,000 BTC for sale at $7,000, the order book will display a huge sell wall that would “most likely prevent Bitcoin’s price from rising” without very strong buying pressureprimexbt.com.
Market observers point out that sell walls are often used as scare tactics. A whale can erect a sell wall to discourage other buyers; in practice these walls often remain only partially filled. Other traders see the big block of orders and start placing their own sells just below that level, which can trigger a downward trendprimexbt.com. Because cryptocurrency markets are relatively illiquid, such tactics can be especially effectiveinvestopedia.com. In short, whenever a massive sell wall appears on Bitcoin’s charts, it marks a significant resistance area that requires huge demand to overcome.
Bitcoin Market Context
By November 2025, Bitcoin was trading near the psychologically important $100,000 mark after a wild quarter. It had already retreated roughly 19% from an early-October peak and was deeply shaken by volatility. Analysts noted that Bitcoin was “chopping around the critical $100,000 level, a zone that continues to be defended firmly”dlnews.com. In fact, one report observed that “bears have clearly been in control” of the market, as traders watched the price wobble around $100Kdlnews.com. Contributing to this caution was an October 10 flash crash that liquidated roughly $20 billion in crypto positionsdlnews.com, plus a high-profile hack in early November. Even a Federal Reserve rate cut in late October – usually bullish for Bitcoin – failed to ignite a sustained rally.
In this environment of uncertainty and low confidence, any new supply barrier could swing sentiment. The sudden appearance of a gigantic sell wall at $105K therefore carried extra weight. Traders were already wary after the autumn sell-offs and the market was closely watching technical support levels around $100K and the $93K–$98K range cited by analysts. Against this backdrop, the looming sell wall was seen as a potential catalyst: it could either cap gains or, if removed, clear the way for a breakout.
The $105K Sell Wall and Market Reaction
On Nov. 5–6, detailed order-book data revealed exactly what was happening at the $105K area. Exchanges showed a literal wall of sell orders just above $105,000, which meant any bullish push would hit heavy resistancetradingview.com. Cointelegraph’s trading data confirmed that “bulls faced an uphill struggle” as a “cluster of asks (sell orders) [sat] above $105K,” keeping the price pinnedtradingview.com. In other words, buyers had to consume a massive block of supply before seeing any price advance. This setup immediately caught traders’ attention.
Analysts quickly weighed in on the implications. Material Indicators, a crypto market data account, warned that the seller who placed this wall might be trying to suppress Bitcoin’s price all the way down to the $93K–$98K rangetradingview.com. The logic was that if a giant wall of asks sits above, any large sell orders elsewhere (like stop-losses or panic trades) could get eaten up by that wall before hitting the market, effectively pushing price lower. Another commentator noted that if Bitcoin did rise back to $105K, he “expected part if not all of those asks to get pulled” – meaning the wall could vanish once the price approached ittradingview.com. In short, market participants suspected this was not just ordinary selling; it was a potential liquidity trap.
On social media, the sell wall drew alarmed reactions. One influential trader (@exitpumpBTC) described the Binance orderbook wall as “insane,” implying that it was abnormal and possibly faketradingview.com. By the numbers, it was indeed an extraordinary concentration of sell orders. With Bitcoin’s price trying to rebound early Thursday, that wall simply ate up every rally attempt. Meanwhile, trading volume remained muted, suggesting that there wasn’t enough fresh buying to break through.
Possible Spoofing and Market Manipulation
Given its unusual size and timing, some market watchers immediately speculated that the sell wall might be a spoof rather than genuine selling. Exitpump explicitly warned on X that such an “insane amount of asks were added above price” and could just be spoof orderstradingview.com. Spoofing is a well-known form of market manipulation: a trader places large visible orders without the intention of actually executing them, in order to mislead others about supply or demandinvestopedia.com. In practice, this means a fake sell wall could be put up to scare buyers away, only to be canceled once the price nears that level (at which point the spoofing whale can execute trades under different conditions).
Investopedia explains spoofing as the act of placing one or more large orders and then canceling them to influence the marketinvestopedia.com. While strictly illegal in regulated equity markets, crypto markets are less consistently policed, and anecdotal evidence shows spoofing is still possible on some exchanges. In this case, the extremely high placement of the sell wall (just above the recent price) and the suddenness with which it appeared made many question its legitimacy. Some exchanges do have safeguards: for example, Coinbase’s rules allow immediate cancellation of suspect orders. However, even the suggestion of spoofing kept traders on edge. Until more clarity emerges, the uncertainty itself acts like a brake on trading.
Tariff Ruling and Market Impact
Meanwhile, U.S. investors were fixated on the Supreme Court’s arguments about Trump’s tariffs. Reuters reported that the justices appeared skeptical of the administration’s power to impose sweeping global tariffs, calling the case a “major test” of presidential authorityreuters.com. Traders on prediction platforms quickly updated their bets: after hearing the arguments, Kalshi and Polymarket odds dropped to only about 25% that the tariffs would remain in placefoxbusiness.com. In other words, most market participants now expected the tariffs to be struck down.
A U.S. court decision against the tariffs would likely be very bullish for stocks. Bitcoin, in turn, has become increasingly tied to equity markets. Analysis by CME Group shows Bitcoin’s 30-day correlation with major stock indexes has been strongly positive in recent yearscmegroup.com. In times of uncertainty, Bitcoin tends to move with stocks rather than opposite themcmegroup.com. Thus, if easing trade tensions sends U.S. and global stocks higher, some crypto investors might cash out of Bitcoin and redeploy into risk-on stock trades. Conversely, if the Court’s decision had gone the other way (now an unlikely scenario), a sudden drop in stock markets would probably drag crypto down too, given the close market correlationcmegroup.com. As one trader warned, if confidence in the macro outlook flipped, it “could get wiped in a heartbeat” in crypto as welltradingview.com.
Key Factors to Watch
- Sell Wall Dynamics: Track the $105K sell wall. If those orders remain, Bitcoin may stay capped. If they are partially or fully withdrawn, the path to higher prices would clear.
- Order-Book Liquidity: Examine bid-side depth around Bitcoin’s price. A large buy wall or fresh bids near key supports (around $100K or the 50-week moving average) could buffer a drop, whereas thin bids could let the sell wall push price lower.
- Technical Levels: Key zones include the psychological $100K and the $93K–$98K range cited by analyststradingview.com. A break below these supports would confirm bearish pressure, while a hold could signal the sell wall has done its work.
- Macro News Flow: The Supreme Court tariff ruling and related trade news remain market-moving. Bitcoin’s positive correlation with stockscmegroup.com means that a strong stock rally (on tariff clarity) could divert capital away from crypto, and vice versa.
- Trader Sentiment: Watch social media and prediction markets. Odds on the tariff outcome have already shiftedtradingview.comfoxbusiness.com, and sudden news shocks could quickly change sentiment. Market mood – fear or greed – often exaggerates price moves.
Conclusion
Bitcoin’s price is currently struggling with this unprecedented $105K sell walltradingview.com. Whether that wall is composed of genuine sell orders or an elaborate spoof, it has effectively capped upside for now. Traders should therefore be cautious; if the wall stands its ground, Bitcoin may remain range-bound or even slip. Conversely, if the sell wall disappears (for example, if some orders are pulled as feared), Bitcoin could finally break out of its recent range. At the same time, external factors like the Supreme Court tariff ruling could sway the broader market mood. In any case, volatility is high, and investors should pay close attention to orderbook developments and global news. Continue to trade carefully and always do your own research.
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Disclaimer
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency trading is highly risky and volatile. You should do your own research before making any investment decisions. Always be aware that you may lose money, and trade at your own risk.
Author
Ali Hamza – Crypto Analyst, do at your own risk.
