BTC Flow Analysis — March 19, 2023 BEAR
Sunday · Minute-level BTC order flow from Binance · 9,578,297 trades
Summary
On Sunday, March 19, 2023, Bitcoin rallied +4.0% to $27,973. Net flow: +4,234 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
The big players were active all day. 16 bars of outsized trades (5.9σ peak) from 00:11–20:04 UTC, adding 1,406 BTC of buying pressure on top of the broader buying flow.
Net buying for 8 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
Flow and price moved in lockstep (correlation: 0.98). Aggressor-side buying 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
Strip out US and the day would look flat. That session alone contributed 80% of the net flow (3,376 BTC buying).
Across sessions: Asia +0.25%, Europe +0.76%, US +2.92% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.25% | 621 BTC | 15% |
| Europe | 08:00 - 14:00 | 0.76% | 238 BTC | 6% |
| US | 14:00 - 00:00 | 2.92% | 3376 BTC | 80% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Among the final days of this bear period. Within 3 day(s), the market would flip to bull.
Net flow of +4,234 BTC was elevated at +1.6σ vs the bear-regime average of -1,189 BTC.
Unusually heavy volume at 372,067 BTC — +2.6σ above the bear-regime baseline. The market was paying attention.
Related Days
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