$BTC - if you look across the OBs of:
Coinbase BTC/USDC
Binance BTC/USDT
Binance BTC/USDT PERP
Hyperliquid BTC/USDC PERP
the first visible demand zone sits around 66K, with the second one closer to 65K
Over the last 4 hours, shorts got liquidated first, and then a couple hours later longs got flushed as well.
At the same time, the Volume Histogram still remains skewed toward sellers.
How to properly interpret all of this is a very good question 😄
But personally, I still lean toward this being absorption… just not in the classic textbook form.
It feels more like the market is slowly transferring inventory while keeping both sides emotionally trapped at the same time 🧸 DYOR
Yeah, but look at the right side of the chart 👀
Demand is still dominating inside the order book, yet sellers continue winning the actual auction result-wise.
CVD still isn’t showing any meaningful impulse, and overall volume has dropped off as well.
So the real question becomes:
What exactly would need to happen right now for price to actually break through that buy wall and push another ~5% lower, especially considering Bitcoin’s average ATR already sits somewhere around 5–7%?
Because at the moment, this still looks more like passive absorption and fading momentum than aggressive capitulation.
Yeah, but look at the right side of the chart 👀
Demand is still dominating inside the order book, yet sellers continue winning the actual auction result-wise.
CVD still isn’t showing any meaningful impulse, and overall volume has dropped off as well.
So the real question becomes:
What exactly would need to happen right now for price to actually break through that buy wall and push another ~5% lower, especially considering Bitcoin’s average ATR already sits somewhere around 5–7%?
Because at the moment, this still looks more like passive absorption and fading momentum than aggressive capitulation.
Soon we'll release Hyperliquid liquidations heatmap.
And you can swap any market's heatmap for HL liquidations – seen here HL on top of Binance BTC/USDT market.
Cool?