Why does the price sometimes drop straight through even when there’s a huge buy order on the order book? When I first started trading small-cap coins, I’d see millions of USDT worth of buy orders stacked below and feel super confident: with such a thick buy wall, the big players must be protecting the price, and there’d definitely be buyers if it dropped. Later, I learned that the order book shows intent, not commitment. I once went long on a low-liquidity token, and the buy orders from level 1 to level 10 were ridiculously thick—way larger than the usual trading volume. I thought the bottom was locked in, but as soon as the price approached, the buy orders were pulled layer by layer. When the real sell-off happened, the so-called buy wall disappeared in seconds. Turns out, those orders could’ve been dynamic quotes from market makers or just a tactic to create the illusion of support and lure retail traders into entering early. Even if the buy orders are actually filled, it doesn’t mean someone is bullish long-term. Market makers might simultaneously hold short positions, buying spot only to maintain inventory neutrality. Big players might use part of their funds to prop up the order book, making it easier to offload their higher-priced holdings gradually. To judge whether the support is real, don’t just look at the size of the buy orders. Pay attention to whether there’s sustained buying after the price touches those levels, how quickly orders are pulled, whether aggressive sell orders are repeatedly absorbed, and whether the price recovers quickly after transactions. Remember: money on the order book can be pulled at any time. True support has to withstand selling pressure. Buy walls only create a sense of security—the price reaction after transactions is what really matters.