Bitcoin’s Bear Market Hides the Iceberg of Buyer Interest Beneath.

The bitcoin (BTC) market is currently displaying an interesting dynamic, resembling an iceberg where surface-level activity appears bearish, but deeper levels reveal a strong interest from buyers waiting to step in.

Data from Hyblock Capital shows that on major spot and perpetual futures exchanges, the market trend at the quoted price level has shifted downward, signaling a rise in selling pressure. This shift indicates that more traders are currently willing to sell at market prices, a pattern that is typical of market makers operating near the quote level. The order book depth, which tracks the value of buy and sell orders at various price levels, has also been showing signs of increased selling activity at the quote level.

“Initially, there was an upward trend at the quote level, but now that trend has reversed, showing increased selling pressure. Between the quote level and 1%, the activity remains similar to that of market makers,” noted Hyblock Capital in a recent analysis on X.

While the dominance of sellers near the quoted price is understandable given the recent decline in bitcoin prices—from over $102,000 to around $94,000—what stands out is the growing presence of buyers at deeper price levels. In particular, the 2% to 5% range has seen increased buying activity, suggesting that there are buyers positioned further away from the current market rate, waiting for a better entry point.

“Between the 1% – 2% and 2% – 5% price ranges, we have observed more bids than asks over time, indicating a growing demand,” Hyblock explained.

At the time of writing, bitcoin is hovering around $94,000 as traders look ahead to Friday’s U.S. nonfarm payrolls report, which could provide further clarity on the direction of risk assets. The market is keenly anticipating how this data might impact future price action in both bitcoin and broader financial markets.