Traders Sound Off: Thin Order Books and Forced Liquidations Hint at a Manufactured Pump

[bonk]

The sharp two-hour rally that sent Bitcoin above $94K is drawing heavy criticism from seasoned traders. NoLimitGains, a well-known market analyst, highlighted several red flags: unusually thin order books, massive market buys crammed into minutes, and an immediate stall after the move. To him, this was a “structureless pump”—a telltale sign of price engineering rather than genuine bullish momentum.
Adding fuel to the debate, liquidation trackers recorded a double wipeout: tens of millions in long positions followed by another wave of short liquidations. Many traders believe whales pushed price intentionally to clean out leveraged positions and sell into the forced buying frenzy.

[Rimon Khan]

Thin liquidity always makes markets look more manipulated than they are.

[Nahid Hossen]

Forced liquidations amplify every move—perfect setup for a sharp pump.