Beneath Bitcoin’s Dips, An Iceberg of Buyers is Lurking, Ready to Resurface.

The current bitcoin (BTC) market structure resembles an iceberg, where a visible surface of selling pressure masks a much stronger underlying demand for the cryptocurrency at lower price levels.

Recent data from Hyblock Capital reveals that the price at the market quote level has shifted from an uptrend to a downtrend, signaling a shift toward selling dominance at the current price point. This is typical of market behavior where market makers (MMs) operate, selling more frequently at the quote level, contributing to the bearish sentiment seen in the short term.

“At the quote level, we had an uptrend previously, but now it’s turned to a downtrend, reflecting a shift toward selling pressure,” Hyblock Capital noted in an analysis. The selling pressure is evident as bitcoin’s price has recently dropped from above $102,000 to approximately $94,000, largely driven by renewed concerns over U.S. inflation. On Thursday, bitcoin’s price even dipped to $92,500.

However, beneath the surface of the market, a more bullish story is emerging. The order book depth from the 2% to 5% range shows an increasing number of buy orders relative to sell orders, indicating that more buyers are waiting to enter the market at lower levels. This suggests that while there is visible selling pressure near the market price, buyers are positioned at deeper levels, prepared to support the price if it falls further.

“Between the 1%-2% and 2%-5% levels, we’re seeing increased demand, with more bids than asks, which indicates growing buyer interest at these price levels,” Hyblock Capital explained.

At the time of writing, bitcoin is trading near $94,000, with traders now awaiting Friday’s U.S. nonfarm payrolls report for further clues about the direction of risk assets. The data is expected to influence market sentiment and could provide the next key signal for bitcoin’s price movement.