Bitcoin Buying Orders Accumulated over 50% Before Its Significant Price Surge

The price of Bitcoin successfully broke through $26,000 in the past 12 hours, reaching a peak of around $28,000. According to the data Dashboard from TokenInsight, the depth of bid orders in the Bitcoin order book had already accumulated prior to the price breakthrough.

After Bitcoin dropped below $30,000, aggregated buying orders remained around $26,000. The depth of buying orders in the order book fluctuated around $30 million, and the depth of selling orders remained at a similar level. However, starting 24 hours ago, the depth of buying orders for Bitcoin began to increase, reaching a peak of over $50 million. The buying order depth increased by more than 50%, while the selling order depth showed some fluctuations but did not undergo significant changes in magnitude.

Furthermore, looking at the difference between the bid and ask order depths (buying order depth minus selling order depth) before the significant price surge, Bitcoin also experienced a substantial increase. The green bars in the following image became higher and persisted for several hours.

It's important to note that there are many factors influencing the price of cryptocurrencies, and while individual order book data can reflect certain factors, it cannot be the sole consideration. Changes in the depth of ask and bid orders in the order book may directly impact subsequent prices, but they can also be influenced by price fluctuations.

The above analysis does not constitute investment advice.

The aggregated depth chart of Bitcoin bid and ask orders is obtained by aggregating the depth within a 1% price range from the five exchanges with the best liquidity: Binance, Coinbase, Kraken, Bitfinex, and KuCoin. If you want to understand the specific selection rules for each trading pair on these exchanges, data calculation rules, and how to interpret the above chart, check Learn what liquidity is, methodology of data calculation, and how to read the charts.

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