Analyst Murphy: The decline in Bitcoin has not triggered a panic sell-off, with buying support in the range of $83,000 to $79,000 significantly increasing

Analyst Murphy stated that when the BTC price drops, the liquidity provided by market makers naturally leans towards the Bid (buy side), while traders also place orders at lower prices waiting to take delivery. Data shows that the 5% depth difference in Binance's spot order book reached 80 million dollars when BTC fell to about 83,000 dollars, which is relatively higher compared to the pullback period from September 10 to 16, approaching the level during the bottom consolidation phase of BTC in July.

At 83,000 dollars, the buy orders within the 5% depth range roughly cover down to 79,000 dollars, indicating that there is a thick support level in the range of 83,000 to 79,000 dollars, which may reduce the risk of the price being quickly breached. Meanwhile, the difference between the Taker's active buy and active sell transaction volume on Binance has continued to rise during the price decline, indicating an increase in active buying and a decrease in active selling. Murphy believes this shows that traders are not exhibiting obvious pessimism; not only is there sufficient passive support below, but the willingness to actively buy has actually increased during the price decline.