Deeper spot bids complicate a repeat of January’s −30% drop in Bitcoin

Traders see the same range setup as before the January–February −30% flush. Order‑flow analysts say the spot book looks stronger now.

Analyst Exitpump compared today’s range with the January breakdown zone and highlighted thicker resting bids in aggregated spot books in his post on X. He argued passive demand is higher than in the prior range, adding “dump to low $60Ks is okay, acceptable, but not expecting bigger downtrend while such passive demand stays.”

The takeaway is simple. The price pattern rhymes, but the liquidity profile differs. Exitpump’s view: fewer overhead asks and more resting bids may absorb sell pressure than last time.

Short‑term flows still flash caution:

• Coinbase Premium Gap turned negative again, pointing to softer U.S. spot demand per Maartunn and NewsBTC’s metric explainer.
• Funding stays positive, volume is down, and Coinbase is “in deep red territory,” which looks like distribution, Zord said on X.
• For confirmation, Zord wants higher volume, a green Coinbase Premium, and slightly lower funding in the same read.

Net: analysts are split. Setups look alike, but thicker spot bids could slow a deeper break, while weak spot demand keeps the risk alive per Exitpump, Maartunn, and Zord.