Bitcoin Market Shows Seller Dominance Amid Rising Buyer Interest
The current bitcoin (BTC) market displays a seller-dominant, bearish sentiment, with trading data indicating a shift from an upward to a downward trend. Key points include:
- Order book depth analysis shows selling pressure at the quote level, where more traders are willing to sell.
- Bitcoin's price has recently dropped from over $102,000 to approximately $94,000, influenced by U.S. inflation concerns.
- At one point, prices fell to $92,500.
- Despite seller dominance, an uptrend in market depth from 2% to 5% suggests increased buyer interest at these levels.
- Traders are awaiting the U.S. nonfarm payrolls release for future market direction.
As of now, bitcoin trades around $94,000.
