[Bitcoin Decline Did Not Trigger Panic Selling, Buying Support in the $83,000 to $79,000 Range Significantly Strengthened] BlockBeats News, October 8: Analyst Murphy stated in an article that when BTC prices decline, the liquidity provided by market makers naturally leans toward the bid (buy side), while traders also place orders at lower prices, waiting to buy. Data shows that the 5% depth difference in Binance's spot order book reached $80 million when BTC fell to around $83,000, which is relatively higher compared to the pullback period from September 10 to 16 and is close to the level during BTC's bottom consolidation phase in July. Based on the $83,000 price, the buy orders within the 5% depth range roughly cover down to $79,000, indicating that there is substantial buying support in the $83,000 to $79,000 range, potentially reducing the risk of a rapid price breakdown. At the same time, the difference in active buy and sell volumes (Taker) on Binance continued to rise during the price decline, indicating an increase in active buying and a decrease in active selling. Murphy believes this suggests that traders are not exhibiting significant pessimism. Not only is there ample passive buying support below, but the willingness for active buying has also increased during the price drop. [Original Link]