Bitcoin’s market dynamics are revealing a hidden layer of buyer interest, despite clear signals indicating a bearish trend.
Buyers are quietly positioning themselves to enter the market at discounted prices, potentially establishing a price floor, even though sellers dominate near the current market price.
Recent data from Hyblock Capital indicates a shift in market behavior. Selling pressure has increased at the quote level, which represents the ongoing market price, on major spot and perpetual futures exchanges. This suggests that investors are more willing to sell at the current rates.
The order book depth, which measures the cumulative value of buy and sell orders at specific levels from the current price, also reflects this sentiment. It indicates the market’s capacity to handle large trades without significant price fluctuations.
Hyblock Capital stated in a post on X that there was an uptrend at the quote level, which is now turning into a downtrend, indicating selling pressure, particularly from market makers.
This downtrend aligns with Bitcoin’s recent price action. The leading cryptocurrency experienced a decline from $102,000 to around $94,000 in just a few days, partially due to concerns about U.S. inflation. On Thursday, Bitcoin briefly reached $91,200 before experiencing a slight recovery.
*This article does not provide investment advice.
