The bitcoin (BTC) market is currently displaying an iceberg-like structure, with a visible surface of bearish sentiment masking a deeper layer of buyer interest lurking just below the surface.
Recent data from Hyblock Capital reveals that the market has seen a shift from an uptrend at the quote level to a downtrend, suggesting that selling pressure has intensified. This aligns with the market’s current trend, where bitcoin’s price has fallen from over $102,000 to around $94,000, largely due to ongoing inflation concerns in the U.S. On Thursday, prices even dipped to $92,500, reflecting the broader market’s apprehension.
Despite the apparent bearishness at the surface, the real story lies in the deeper order book levels. From the 2% to 5% range, the data shows an increase in buy orders, suggesting that there is strong demand waiting at lower levels. Essentially, while sellers are active near the current price, buyers are quietly positioning themselves further down the price ladder, ready to step in if bitcoin’s price continues to decline.
“As we move between the 1%-2% and 2%-5% ranges, we’re seeing more bids than asks, reflecting increased buyer interest at those levels,” Hyblock Capital observed. This indicates that, while the short-term price action might be dominated by selling pressure, there’s significant support below the surface that could prevent further substantial declines.
At press time, bitcoin is holding at around $94,000, with traders now focusing on Friday’s U.S. nonfarm payrolls report. This economic data will likely influence sentiment in the broader markets and may offer the next directional signal for bitcoin’s price, potentially shaking off the current bearish outlook if strong labor market data provides more confidence.
