BTC buy wall at $79K-$83K may cushion sharper declines, analyst says

Substantial buy orders have built up in the $79,000-$83,000 range on Binance’s spot BTC order book, and the thickness of that buy wall could help prevent a sharp further drop in Bitcoin’s price, on-chain analyst Murphy said. Murphy said liquidity provided by market makers naturally tilts toward the buy side when prices fall, while traders also place orders at lower levels to wait for entries. When BTC fell to $83,000 on Binance’s spot market, the largest gap in order book depth favored bids by $80 million, Murphy said. Murphy added that the gap between buy-side and sell-side executed volume has been widening during the decline, indicating aggressive buying is increasing while aggressive selling is easing. That suggests traders have not yet turned pessimistic on the market and are instead showing stronger willingness to buy aggressively, according to Murphy.