BTC Flow Analysis — September 14, 2023 CHOP
Thursday · Minute-level BTC order flow from Binance · 799,278 trades
Summary
On Thursday, September 14, 2023, Bitcoin edged higher (+1.15%) to $26,523. Net flow: +548 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. 22 bars of outsized trades (6.8σ peak) from 01:23–17:53 UTC, adding 401 BTC of buying pressure on top of the broader buying flow.
Flow and price moved in lockstep (correlation: 0.93). 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
Across sessions: Asia +0.47%, Europe +0.90%, US -0.22% — with Europe doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.47% | 489 BTC | 53% |
| Europe | 08:00 - 14:00 | 0.90% | 250 BTC | 27% |
| US | 14:00 - 00:00 | -0.22% | -191 BTC | 21% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The market was 1 day(s) into a new chop regime, having transitioned from bear. Early-regime days often carry residual momentum from the prior period.
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