BTC Flow Analysis — March 22, 2023 BEAR
Wednesday · Minute-level BTC order flow from Binance · 3,589,327 trades
Summary
Bitcoin fell 3.0% on Wednesday, March 22, 2023, closing at $27,251 as sellers controlled aggregate flow with 3,401 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
A brief flash of large-player activity at 03:10 UTC — trade sizes spiked to 3.4σ above normal, net buying.
A volatile day: 8.1% range from $26,602 to $28,868. Wide ranges like this create opportunities but also traps for directional traders.
A clean, flow-driven day. The 0.98 correlation between cumulative flow and price means selling pressure was the dominant force — no hidden passive flow muddying the signal.
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. 85% of directional flow — 3,326 BTC of selling — came from that single session.
Session returns: Asia -0.01%, Europe +0.65%, US -3.66%. US led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.01% | -336 BTC | 9% |
| Europe | 08:00 - 14:00 | 0.65% | 260 BTC | 7% |
| US | 14:00 - 00:00 | -3.66% | -3326 BTC | 85% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The bear regime was running out of road — 0 day(s) before the market shifted to bull. The transition was already underway in hindsight.
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