BTC Flow Analysis — May 18, 2023 BEAR
Thursday · Minute-level BTC order flow from Binance · 1,057,318 trades
Summary
Bitcoin closed at $26,821 on May 18, 2023 after sold off 2.1%. Aggressor-side flow netted -1,879 BTC, favoring sellers.
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
19 bars of outsized trades (peak 6.2σ) appeared between 00:40–21:01 UTC, with whale flow netting 101 BTC of buying.
Flow and price moved in lockstep (correlation: 0.97). 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
The US session drove 78% of the day's directional flow, with 1,459 BTC of net selling. The other two sessions were comparatively quiet.
The US session posted the largest move. Full breakdown: Asia -0.05%, Europe -0.49%, US -1.60%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.05% | -27 BTC | 1% |
| Europe | 08:00 - 14:00 | -0.49% | -393 BTC | 21% |
| US | 14:00 - 00:00 | -1.60% | -1459 BTC | 78% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Nothing unusual for a bear-regime day. The -2.13% return was consistent with the period's average of -0.27%.
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