- Bitcoin Price dropped to a two-week low of $108,865 amid ongoing selling pressure.
- Buying activity has increased at lower price ranges, but Asia trading sessions have driven continued declines.
- Liquidation heatmap data indicates possible further sell-off down to $107,000.
- Institutional-sized investors continue heavy selling, outpacing retail buy orders.
- Spot order book data shows a rising bid-ask ratio, signaling renewed demand among buyers.
Bitcoin experienced intensified selling on Thursday as its price fell to $108,865. While buyers showed increased interest at the lower range, continued selling during the Asian trading sessions offset gains achieved in the U.S. sessions.
According to market data, traders have stepped in throughout the past week to buy at intra-day lows. However, analysis from Hyblock indicates that leveraged long positions are at risk of forced liquidation between $111,000 and $107,000, based on liquidation heatmap data.
Perpetual futures market activity remains a primary driver of day-to-day price swings for Bitcoin. Hyblock data shows that large-scale investors, defined as those transacting between 1,000 and 10 million BTC, are contributing most of the selling pressure. This outweighs the buying activity recorded from retail or smaller-scale investors holding between 100 and 1,000 BTC.
Despite the near drop below $110,000, Hyblock notes a key signal in the spot market: the aggregate bid-ask ratio in order books has started to favor buyers again. This metric, comparing the number of buy orders to sell orders, recently shifted above zero, suggesting more demand at current price levels. Hyblock explains, “A bid/ask ratio that is greater than 0 indicates that there are more buy orders than sell orders in the order book, which could suggest that there is greater demand for the asset at the current price level.”
Recent movement in this ratio aligns with increased buy volume when Bitcoin fell to $110,553, supported by cumulative volume delta data showing a surge in spot buying.
Though trading in the spot market is currently smaller than in the perpetual futures market, this is the first noticeable tilt toward buyers in the bid-ask ratio since early September. At that time, Bitcoin moved from $107,500 up to its recent peak of $118,200.
Readers should conduct their own research, as all trading and investment carries risk. Further information on Bitcoin trading patterns and risk factors can be found in this related analysis.
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