BTC Flow Analysis — January 20, 2023 BULL
Friday · Minute-level BTC order flow from Binance · 7,382,435 trades
Summary
On Friday, January 20, 2023, Bitcoin ripped +7.6% to the upside to $22,667. Net flow: +2,321 BTC — buyers had the edge.
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
Sustained large-player buying throughout the day. 25 bars with trade sizes 3σ+ above normal (peak: 6.5σ), spread across 01:27–23:01 UTC. The 967 BTC of whale flow reinforced the day's buying bias.
A volatile day: 9.0% range from $20,861 to $22,756. Wide ranges like this create opportunities but also traps for directional traders.
Price followed flow faithfully (correlation: 0.91). When you see this level of alignment, it means one side is in control and the other isn't even fighting.
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
Strip out US and the day would look flat. That session alone contributed 79% of the net flow (3,182 BTC buying).
Morning and afternoon traded like two different markets. Sellers led early (-694 BTC), buyers dominated late (+3,015 BTC).
Across sessions: Asia -0.53%, Europe +0.48%, US +7.63% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.53% | -471 BTC | 12% |
| Europe | 08:00 - 14:00 | 0.48% | -390 BTC | 10% |
| US | 14:00 - 00:00 | 7.63% | 3182 BTC | 79% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Even by bull-regime standards, +7.57% was extreme — +2.6σ from the +0.34% average. This wasn't a normal bull day.
Trading activity surged to +3.4σ above the regime norm (338,079 BTC). When volume spikes like this, the flow data carries more weight.
Related Days
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