{"id":6953,"date":"2025-01-10T07:02:05","date_gmt":"2025-01-10T07:02:05","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6953"},"modified":"2025-01-10T07:02:05","modified_gmt":"2025-01-10T07:02:05","slug":"the-bitcoin-iceberg-buyers-await-beneath-the-bearish-surface","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6953","title":{"rendered":"The Bitcoin Iceberg: Buyers Await Beneath The Bearish Surface"},"content":{"rendered":"<div>\n<p>The bitcoin (BTC) market resembles an iceberg at the moment, with the surface revealing a dominance of sellers that paints an overtly bearish sentiment. However, at deeper levels beneath the surface, bargain hunters are quietly waiting to snap up coins and potentially put a floor under prices.<\/p>\n<p>On the major spot and perpetual futures exchanges, the uptrend at the quote level, the going market rate, has flipped to a downtrend, indicating more traders are willing to sell at the market price, according to data source Hyblock Capital.<\/p>\n<p>The order book depth from quote level (0%) and 1% shows a similar pattern. Order book depth represents the combined value of buy and sell orders at specific levels (1%, 2%, 5%) from the ongoing market price. It shows the market&#8217;s ability to absorb large orders at stable prices.<\/p>\n<p>&#8220;At the quote level, there was an upward trend, which has now shifted to a downward trend, indicating a selling pressure, which is generally where market makers (MMs) operate. Between the quote level to 1%, the action is the same as the MMs,&#8221; Hyblock Capital said in an analysis post on X.<\/p>\n<p>Moreover, the seller dominance near the quote level is hardly surprising, given the recent price action in BTC, which has seen the leading cryptocurrency decline from over $102,000 to $94,000 in days, mainly due to renewed U.S. inflation concerns. On Thursday, at one point, prices slipped as low as $92,500.<\/p>\n<p>But the real story is the continued uptrend in market depth from 2% to 5%., which points to more bids relative to asks at price levels away from the going market rate. In other words, buyers are waiting to enter the market at those levels.<\/p>\n<p>&#8220;Between 1% &#8211; 2% and 2% &#8211; 5% of the book, we see increased demand (more bids than asks over time),&#8221; Hyblock added.<\/p>\n<p>Bitcoin changed hands at around $94,000 at press time, with traders awaiting Friday&#8217;s U.S. nonfarm payrolls release to provide the next directional cue to risk assets.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.sanity.io\/images\/s3y3vcno\/production\/d98c366d346bf3c64ab3920963f4a0ee85ecc3eb-2468x1042.png\" alt=\"\"><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The bitcoin (BTC) market resembles an iceberg at the moment, with the surface revealing a dominance of sellers that paints an overtly bearish sentiment. However, at deeper levels beneath the surface, bargain hunters are quietly waiting to snap up coins and potentially put a floor under prices. On the major spot and perpetual futures exchanges, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-6953","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6953"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6953\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}