Analyst Murphy said BTC sell-offs tend to draw liquidity toward the bid side, with market makers naturally leaning buy-side and traders placing orders at lower levels to catch the move. Data cited in his post showed that the 5% depth imbalance in Binance’s spot order book briefly reached $80 million when BTC fell to around $83,000. Relative to recent trading periods, that reading was higher than during the Sept. 10-16 pullback and close to levels seen when BTC moved sideways near its July bottom.
Using $83,000 as the reference price, Murphy said buy orders within the 5% depth range roughly extended down to $79,000. That suggests relatively thick support between $83,000 and $79,000, which could reduce the risk of a fast breakdown through that zone. At the same time, the gap between taker buy volume and taker sell volume on Binance kept widening during the decline, indicating more aggressive buying and less aggressive selling. Murphy said the combination points to a market that has not shown clear pessimism, with passive bids below price remaining solid while willingness to buy actively increased during the drop.
ChainCatcher reported that analyst Murphy said when BTC falls, liquidity provided by market makers naturally shifts toward the bid side, while traders also place orders at lower prices to wait for fills.
According to the data he cited, the 5% depth imbalance in Binance’s spot order book briefly reached $80 million when BTC dropped to about $83,000. On a relative basis, that was higher than during the Sept. 10 to 16 pullback and close to the level seen when BTC traded sideways near its July bottom.
Buy orders extended to roughly $79,000
Using $83,000 as the reference point, buy orders within the 5% depth range roughly covered prices down to $79,000. That indicates relatively thick support between $83,000 and $79,000, which may reduce the risk of the price being broken quickly through that area.
Aggressive buying increased during the decline
At the same time, the difference between taker buy volume and taker sell volume on Binance kept rising as the price moved lower, showing that aggressive buying increased while aggressive selling decreased.
Murphy said the data suggests traders have not shown obvious pessimism. Passive support below the market remained relatively sufficient, and willingness to buy actively strengthened during the decline.
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