Pakinomist – Whether the market has finally bottomed has come into question in light of ‘s recent drop to $93,224. While the strength of this support will be determined over the next few hours, indications of demand are beginning to emerge due to notable changes in the Binance spot order book during the sell-off.

Big bids at $90,000 were moved up to buy at $93,000 during the decline, indicating that buyers were willing to withstand selling pressure at higher prices. Additional bids were made near $92,000, suggesting buyers were eager to avoid a further drop and take advantage of lower costs. A positive indication that there is underlying demand in these price points is the bid liquidity.

Nevertheless, it appears that passive sellers were the ones who pushed the price into these bid zones during the recent selloff, using the momentum created by aggressive buyers. The control sellers had over the market during the downturn is highlighted by this dynamic. It will be crucial to observe if buyers can regain strength or if this control continues.

Technically, Bitcoin is approaching key support levels; 100 EMA provides a more significant fallback zone at $87,000, while $92,000 serves as a short-term buffer. For the market to change its stance and pave the way back towards $100,000, it is imperative to recover $96,000. To assess the strength of the underlying demand, the next few hours will be crucial.

It could indicate a possible bottom and the beginning of a recovery if buyers maintain the $92,000-$93,000 range and volume increases. However, Bitcoin could experience a more significant correction if selling pressure continues and these support levels are breached. For now, traders should keep a close eye on bid levels and trading volume because these variables will give them more accurate clues as to where Bitcoin will go next. While there is cause for optimism, caution is still essential in such volatile times.