The Bitcoin market presents a surface dominated by sellers, yet beneath, buyers are poised to seize the right opportunity.
Increasing Selling Pressure
According to Hyblock Capital data, the order book depth from the quote level to 1% highlights the dominance of sellers. This area sees significant activity from market makers. Hyblock Capital’s analysis notes, “The upward trend at the zero level has now turned downward, indicating market makers are contributing to the selling pressure.” Recently, Bitcoin’s price dropped from $102,000 to $94,000, briefly touching $91,500. This decline stems from inflation concerns in the U.S., which have heightened BTC investors’ sensitivity to short-term price fluctuations in spot and futures markets.
Buyers Ready at Deeper Levels
Despite the surface-level pressure, Hyblock Capital observes concentrated buyer activity between 2% and 5% depths. “More buy orders are present in the 1-2% and 2-5% ranges compared to sell orders,” the report states, indicating that buyers activate as prices drop further. As of this writing, Bitcoin is trading at $94,000. The market’s focus now shifts to the U.S. Non-Farm Payroll data release at 4:30 PM local time, a critical factor that could influence risk assets like cryptocurrencies.
Short-Term Volatility Expected
While the downward trend in Bitcoin’s price continues, the activity of deep-level buyers suggests potential price stabilization. This dynamic indicates that market volatility might increase in the short term, warranting close observation.
The Bitcoin market demonstrates complex dynamics with seller pressure on the surface and buyer readiness beneath, potentially leading to short-term volatility.
