BTC Flow Analysis — May 21, 2023 BEAR
Sunday · Minute-level BTC order flow from Binance · 568,937 trades
Summary
Bitcoin closed at $26,748 on May 21, 2023 after slipped 1.31%. Aggressor-side flow netted -1,637 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
The big players were active all day. 19 bars of outsized trades (7.8σ peak) from 00:27–22:05 UTC, adding 202 BTC of selling pressure on top of the broader selling flow.
A clean, flow-driven day. The 0.96 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
The Europe session posted the largest move. Full breakdown: Asia -0.18%, Europe -0.61%, US -0.53%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.18% | -570 BTC | 35% |
| Europe | 08:00 - 14:00 | -0.61% | -789 BTC | 48% |
| US | 14:00 - 00:00 | -0.53% | -278 BTC | 17% |
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 — 3 day(s) before the market shifted to chop. The transition was already underway in hindsight.
The selling streak extended to 4 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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