Bitcoin’s (BTC) market dynamics are revealing a hidden layer of buyer interest even as clear signals point to a bearish trend.
Buyers Lurk Beneath the Surface of the Bear Market
While sellers are dominant near the current market price, deeper market levels suggest buyers are quietly positioning to enter at discounted prices, potentially creating a price floor.
Recent data from Hyblock Capital highlights a shift in market behavior. Selling pressure has increased at quote level, which is the ongoing market price, on major spot and perpetual futures exchanges, suggesting investors are more willing to sell at current rates.
The order book depth of 1% from the quote level to the market price also reflects this sentiment.
Order book depth measures the cumulative value of buy and sell orders at specific levels from the current price and indicates the market's capacity to handle large trades without significant price fluctuations.
“There was an uptrend at the quote level that is now turning into a downtrend, indicating selling pressure, particularly from market makers,” Hyblock Capital wrote in a post on X.
The downtrend is consistent with Bitcoin’s recent price action. The leading cryptocurrency fell from $102,000 to around $94,000 in a matter of days, partly due to renewed concerns about U.S. inflation. On Thursday, Bitcoin briefly touched $91,200 before recovering slightly.
*This is not investment advice.
