The current state of Bitcoin’s orderbook is causing concern among traders, who describe it as unsettling. The recent market downturn has led to a significant imbalance in liquidity across major exchanges: buyers are retreating, and the sell walls are becoming less robust, leaving Bitcoin vulnerable to another sharp drop.
According to data from CoinGlass, there is a worrying concentration of liquidity below the prevailing market price. Bitcoin trades at approximately $104,500, hovering just above the crucial 200-day moving average—a key technical support level. However, the liquidity heatmap reveals that most traders expect further declines before they re-enter the market; substantial clusters of buy orders only appear around $100,000-$102,000.
The red circles and yellow bars on the liquidity map highlight multiple forced selling events and liquidation cascades that have occurred over the past day. While green flashes indicate sporadic spot buying from short-term investors aiming to defend critical levels, each red spike signifies intense selling pressure—these defenses remain weak.
A large red circle in the lower right corner indicates a significant gap in resting orders—a precarious void that could accelerate a decline if another wave of selling hits. Technically speaking, Bitcoin’s break below both its 50-day and 100-day EMAs confirms a short-term bearish trend. With an RSI near 33 signaling oversold conditions but lacking any substantial bid depth for recovery support.
In essence, the safety net for this market has vanished. The most alarming factor isn’t necessarily the price itself but rather the fragility within the orderbook.
If BTC falls below $104k, a swift move towards $100k or even lower may occur due &to inadequate mid-range liquidity—reflecting anxiety among traders anticipating more pain before any meaningful rebound can take place.&&;