Key Points:
The selling momentum of BTC has intensified, but data shows that spot buyers are increasing their allocation.
The liquidation heatmap data warns that selling may further drop to the $107,000 level.
BTC fell to a two-week low of $108,865 on Thursday. Despite several market participants showing strong interest in buying at the lower range this week, the ongoing selling during the Asian trading session has continuously eroded the gains accumulated during each rebound in the U.S. trading session.
Over the past week, traders have been actively buying intraday lows, but Hyblock's liquidation heatmap data reveals a concerning phenomenon: there is a liquidation cluster composed of leveraged long positions in the range from $111,000 to $107,000, which are at risk of being absorbed by the market.
In addition to the downside liquidation risk, the active trading in the perpetual futures market continues to dominate Bitcoin's daily price fluctuations, while large-scale sell-offs from institutional investors (ranging from $1,000 to $10 million) continue to suppress the spot purchasing power of retail investors (ranging from $100 to $1,000).
Although BTC nearly fell below $110,000, the most noteworthy market development of the day is that the overall spot order book buy-sell ratio has once again significantly favored buyers. This indicator specifically measures the relationship between buy orders (bids) and sell orders (asks) in the order book, with a ratio range between -1 and 1, where zero indicates a balance between the number of buy and sell orders in the order book.
Hyblock analysis points out:
Setting this indicator to show only 10% depth of spot exchanges, when the price dropped from $111,200 to $110,553, buyers began to significantly intervene. Evidence supporting this buying behavior is clearly visible in the anchored four-hour cumulative trading volume difference chart, where buying volume suddenly surged (marked by the yellow arrow).
Although the spot trading volume still appears relatively small compared to the massive trading volume in the perpetual futures market, the buy-sell ratio turning bullish again is the first occurrence since September 5 to 7, which was a critical moment before BTC rebounded strongly from $107,500 to the recent high of $118,200.
Related: Bitcoin (BTC) ETF enters "slowdown" phase: Are shorts targeting $90,000?
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original: “Bitcoin (BTC) falls below $109,000, but data shows buyers stepping in”
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