BTC Flow Analysis — May 16, 2024 CHOP
Thursday · Minute-level BTC order flow from Binance · 1,269,793 trades
Summary
Bitcoin closed at $65,235 on May 16, 2024 after slipped 1.47%. Aggressor-side flow netted +184 BTC, favoring buyers.
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
Buyers were the aggressors but couldn't lift price, which fell -1.47% despite net buying pressure (flow-price correlation: -0.69). Overhead supply absorbed every push higher.
Whale-sized trades (21 bars above 3σ, peak 7.1σ) pushed 17 BTC of net selling between 00:27–23:40 UTC — while price went the other way. Possible accumulation, possible pain.
The day split in half. Sellers controlled the first 12 hours (-75 BTC), then buyers took over (+258 BTC). The reversal changed the character of the day.
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 posted the largest move. Full breakdown: Asia -0.10%, Europe +0.28%, US -1.65%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.10% | -22 BTC | 10% |
| Europe | 08:00 - 14:00 | 0.28% | 93 BTC | 41% |
| US | 14:00 - 00:00 | -1.65% | 112 BTC | 50% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This was near the start of a chop regime (day 3), with the bear regime barely in the rearview mirror.
Related Days
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