#BTC price is holding steady, but the order book tells you that the selling pressure above is being eaten away bit by bit, and the balance of power between bulls and bears is being redistributed...

From yesterday to today, the biggest change in the order book is that the imbalance of sell orders above has temporarily disappeared. The disappearance of the imbalance doesn’t mean the sell orders are gone, it just means that buy and sell orders are currently in a relatively balanced state.

Within a 2.5% or even 5% range above and below the current price, the number of buy and sell orders is not much different.

This is due to two factors:

1. The sell orders above are being continuously consumed. So far, every false breakout to the upside (like the one at midnight above 94,000) is actually a process of grinding down the sell pressure. The first false breakout wiped out more than 100 BTC in orders at 94,000, and the second pullback removed another 50.

Currently, the sell orders at 94,000 are already very thin. This is the process of selling pressure being gradually worn down.

2. Buy orders below are continuously being placed. For example, after the price wicked down to 91,700 yesterday due to negative news about MSFT AI expectations, there were immediately 164 BTC buy orders placed at 91,625.

This results in a current balance of buy and sell orders on the order book.

A balanced order book is also a good thing for the bulls, because:

1) The buy orders below provide support for the order book. A hollow order book is very easy to push down. In the recent downtrend, we saw countless examples—after a rebound, an imbalance of sell orders appears above, the order book below is hollow, and after the rebound ends, the price gets pushed back down (see Figure 2).

So now the price has gone up and is consolidating; even after yesterday's negative news caused a quick wick down, it quickly recovered. This shows that capital is giving hesitant bulls some confidence. After the market recovered yesterday, more buy orders were placed, filling the hollow areas.

2) If strong news triggers a breakout, those buy orders that didn’t get filled could turn into FOMO buying power, pushing the price higher.

Currently, within a 2.5% range above and below the price (90,675~95,325), longs and shorts are balanced. Within a 5% range (88,350 ~ 97,650), there are more sell orders.

So, judging from the order book, bullish confidence is strengthening—unlike last month, where the market would crash at the slightest hint of trouble.

Now, bulls and bears are locked in a standoff, waiting for the next wave to be triggered by news, whether it goes up or down...