Analyst: Bitcoin's order book depth continues to rise far from the market price, and buyers are waiting to enter

Omkar Godbole, market analyst at CoinDesk, said that the current Bitcoin (BTC) market looks like an iceberg, with the surface showing that sellers dominate and showing a clear bearish sentiment. However, deep below the surface, bottom pickers are quietly waiting for opportunities to buy Bitcoin at low prices and may provide support for prices. According to Hyblock Capital data, the upward trend in the quote level (i.e., market price) has turned into a downward trend on major spot and perpetual futures exchanges, showing that more traders are willing to sell at the market price. The order book depth from the quote level (i.e., 0%) to 1% shows a similar pattern. The order book depth represents the total value of buy and sell orders at a specific price level (such as 1%, 2%, 5%), showing the market's ability to absorb large orders. Hyblock Capital said, "There was an upward trend at the quote level, but it has now turned into a downward trend, indicating that selling pressure has increased, and market makers usually operate at this position. From the quote level to the 1% area, the actions are similar to market makers." In addition, given Bitcoin's recent price fluctuations, the dominance of sellers at the quote level is not surprising. Bitcoin has fallen from over $102,000 to $94,000, largely due to renewed inflation fears in the U.S. On Thursday, the price fell to $92,500. But what is really noteworthy is the continued increase in market depth from 2% to 5%, showing that buying orders are increasing relative to selling orders at price levels far from the market price. In other words, buyers are waiting to enter the market at these price levels. Hyblock added: "Between 1%-2% and 2%-5%, we see an increase in demand (buy orders gradually outnumber sell orders)."