[Analysis] "An unseen hand that capped Bitcoin’s rise… Sell orders piled up above $90,000"

An analysis suggests that even before Bitcoin (BTC) prices recently plunged to around $75,000, unusual warning signs had already been detected inside the market.

On Feb. 2 (local time), CoinDesk reported that Keith Alan, co-founder of Material Indicators, pointed to persistent sell-side liquidity as the reason Bitcoin’s spot price repeatedly failed to break through levels below $90,000. According to Alan, Material Indicators’ order-book analysis tool FireCharts showed large sell orders repeatedly appearing just above the spot price, suppressing attempts to move higher.

He described this as a “liquidity herding” strategy. When a large capital holder stacks sell supply in a visible area, market participants become more conscious of upside risk and turn more cautious about buying. As a result, the price moves sideways or is pushed lower, allowing that player to quietly absorb supply at more favorable levels.

This strategy adjusts market psychology by using the order book itself, regardless of news or fundamental changes, and is said to appear frequently at times when it is advantageous to keep prices within a certain range, such as around options expiries.

At the time, the order book also showed a thick bid wall in the $85,000–$87,500 range, serving as a short-term support level. The zone repeatedly absorbed selling pressure and propped up Bitcoin’s downside, but it was also a warning sign that a sharp bout of volatility could emerge if the price moved out of that range.

Alan previously noted that “if this support zone holds, a rebound attempt could follow, but if it breaks, a sharp drop could occur amid thin liquidity.” After Bitcoin fell out of the bid-concentration zone, the pace of selling quickly accelerated and the price slid to around $75,000 in a short period.

In particular, Alan has warned that if the monthly candle closes below about $87,500—roughly the 2026 level—it should be interpreted as a signal of entering “Bearadise.” This refers to a phase in which downside momentum combines with a breakdown in confidence and expands in a self-reinforcing manner.

Experts note that large players using order-book liquidity to influence short-term price action is not new in the digital-asset (crypto) market. Still, this case draws attention because the reason Bitcoin failed to clear $90,000—and the subsequent plunge—had already been foreshadowed by the same structure.