BTC Flow Analysis — February 21, 2023 BULL
Tuesday · Minute-level BTC order flow from Binance · 10,712,371 trades
Summary
Bitcoin drifted lower (-1.58%) on Tuesday, February 21, 2023, closing at $24,452 as sellers controlled aggregate flow with 1,942 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
11 bars of outsized trades (peak 6.0σ) appeared between 02:08–20:20 UTC, with whale flow netting 224 BTC of buying.
Flow and price moved in lockstep (correlation: 0.95). Aggressor-side selling 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
Session returns: Asia +0.63%, Europe -1.72%, US -0.48%. Europe led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.63% | 764 BTC | 22% |
| Europe | 08:00 - 14:00 | -1.72% | -2053 BTC | 59% |
| US | 14:00 - 00:00 | -0.48% | -653 BTC | 19% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Unusually heavy volume at 376,001 BTC — +3.9σ above the bull-regime baseline. The market was paying attention.
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