BTC Flow Analysis — February 17, 2023 BULL
Friday · Minute-level BTC order flow from Binance · 10,895,009 trades
Summary
Bitcoin rallied +4.5% on Friday, February 17, 2023, closing at $24,570 as buyers controlled aggregate flow with 1,363 BTC of net pressure.
BTC price (blue) and trading volume (cyan bars) per minute. Session shading: Asia (gold 00-08 UTC), Europe (green 08-14), US (red 14-00).
Flow Analysis
Flow reversed midday. The first 12 hours belonged to sellers (-1,262 BTC), but buyers erased that and then some (+2,624 BTC) in the back half.
At 14:50 UTC, average trade size jumped to 3.1σ above the day's baseline — a momentary spike of large-player selling.
Flow and price moved in lockstep (correlation: 0.90). Aggressor-side buying translated directly into price movement with minimal resistance.
Cumulative buying pressure (purple, left axis) vs cumulative price return (yellow, right axis). When these diverge, flow and price are telling different stories.
Session Breakdown
US traders set the tone. 66% of directional flow — 2,870 BTC of buying — came from that single session.
Session returns: Asia +0.51%, Europe +0.62%, US +3.31%. US led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.51% | -1463 BTC | 33% |
| Europe | 08:00 - 14:00 | 0.62% | -44 BTC | 1% |
| US | 14:00 - 00:00 | 3.31% | 2870 BTC | 66% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This was near the start of a bull regime (day 3), with the chop regime barely in the rearview mirror.
Trading activity surged to +5.4σ above the regime norm (496,813 BTC). When volume spikes like this, the flow data carries more weight.
Related Days
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