The Bitcoin (BTC) 
$74,999 market currently resembles an iceberg; the prevailing dominance of sellers clearly indicates a downward trend. However, buyers waiting for discounts at deeper levels are eager to set a price floor.
Shifts in Market Trends
In major spot and perpetual futures exchanges, the bullish trend at market price levels has transitioned into a bearish trend. According to data provided by Hyblock Capital, this situation demonstrates that more traders are willing to sell at market prices.
Depth of the Order Book
The depth of the order book shows a similar pattern at the market price level (0%) and 1% level. The order book depth represents the total value of buy and sell orders at specific levels and reflects the markets’ capacity to absorb large orders at stable prices.
Reasons for Selling Pressure
Hyblock Capital noted that the bullish trend at market price levels has now transitioned to a bearish trend, indicating selling pressure typically associated with the activities of market makers (MMs).
“The bullish trend at market price levels has now shifted to bearish, indicating selling pressure,” stated Hyblock Capital.
Decline in Bitcoin Prices
Recently, BTC has dropped from above $102,000 to as low as $94,000 due to inflation concerns in the United States. At one point on Thursday, prices fell to $92,500.
Deep Buyer Expectations
However, the real story lies in the ongoing uptrend in the market depth between 2% and 5%. This indicates that there are more buy orders at price levels further away from the market price level.
Hyblock Capital added, “We see increased demand in the book between 1% – 2% and 2% – 5% (more buy orders over time).”
Trader Expectations
At the time of writing, Bitcoin is trading at around $94,000. Traders are awaiting Friday’s U.S. non-farm payroll data, which is expected to signal the next direction for risk assets.
The increase in selling pressure within the Bitcoin market suggests that a downward trend may continue in the short term. However, the deep buyer expectations may help support prices in the long term.
