Bitcoin's Buyer Interest Continues Despite the Downward Trend! Here are the Details

Despite market dynamics indicating a downward trend for Bitcoin (BTC), it reveals a hidden layer of buyer interest.

Buyers are hiding beneath the surface of the Bear Market

When sellers dominate near the current market price, deeper market levels indicate that buyers are quietly positioned to enter at discounted prices and potentially create a price floor.

Hyblock Capital's latest data highlights a change in market behavior. In major spot and perpetual futures exchanges, there has been an increased selling pressure at the current market price level, indicating that investors are more willing to sell at current rates.

The depth of the order book up to 1% of the market price also reflects this idea.

Order book depth measures the cumulative value of buy and sell orders at specific levels from the current price, indicating the ability to execute large trades without significant price fluctuations in the market.

In a post published by Hyblock Capital on X, there was a rising trend that now turned into a downward trend, especially indicating selling pressure from market makers at the quotation level.

The downward trend is also in line with Bitcoin's recent price movements. The leading cryptocurrency dropped from over $102,000 to around $94,000 within days, partly due to renewed concerns about US inflation. On Thursday, Bitcoin briefly touched $91,200 before recovering slightly.