PakGazette – It is questioned whether the market has finally bottomed in light of the recent drop to $93,224. Although the strength of this support will be determined in the coming hours, signs of demand are beginning to appear due to notable changes in Binance’s spot order book during the liquidation.
Top bids at $90,000 moved up to buy at $93,000 during the dip, indicating that buyers were willing to endure selling pressure at higher prices. Additional bids were made close to $92,000, suggesting buyers were keen to avoid a further decline and benefit from lower costs. A positive indication that there is underlying demand at these prices is the liquidity of the supply.
However, it appears that passive sellers were the ones pushing the price into these supply zones during the most recent sell-off using the momentum created by aggressive buyers. This dynamic highlights the control that sellers had over the market during the decline. It will be crucial to watch if buyers can regain strength or if this hold continues.
Technically speaking, Bitcoin is approaching important support levels; The 100-day EMA provides a more substantial retracement zone at $87,000, while $92,000 serves as a short-term buffer. For the market to change its attitude and pave the way back towards $100,000, it is imperative to recover $96,000. To assess the strength of underlying demand, the next few hours will be crucial.
It may indicate a possible bottom and the beginning of a recovery if buyers hold the $92,000 to $93,000 range and volume increases. However, Bitcoin may see a more significant correction if the selling pressure continues and these support levels are broken. For now, traders should keep an eye on supply levels and trading volume because these variables will give them more precise clues as to where Bitcoin is going next. While there are reasons for optimism, caution remains essential in such unstable times.
