Bitcoin traders are again staring at a chart structure that resembles the setup that preceded the market’s roughly 30% drop from late January into early February. But several order-flow analysts argue the comparison is incomplete, because the underlying spot-book picture looks materially stronger this time.
Will The 30% Bitcoin Crash Repeat?In the earlier episode from January 29 to February 5, that pattern gave way to a sharp -30% move into the low-$60,000s. In the current one, Bitcoin was trading around the $70,000 area, with price again sitting near a vulnerable-looking part of the range.
That distinction matters because the chart he shared suggests the market is not entering this setup with the same thin bid support seen before the earlier flush. In his framing, the prior range featured fewer resting bids and more overhead asks. The current range, by contrast, shows thicker spot-book demand and relatively lighter sell-side pressure, implying that even if BTC revisits the lows, the path to a deeper trend breakdown may be less straightforward.
Still, the short-term flow picture is not cleanly bullish. In a separate post, Exitpump said the order books had “flipped bearish,” adding that “yesterday was better, but looks like momentum to the upside is fading away.” He also flagged positioning risk, saying open interest RSI was near an extreme and that “chances of longs unwind has increased.”
He then laid out what would need to improve to make the move more convincing. “Maybe some more volume + Coinbase in green would be good. Funding slightly down will be cherry on the cake.”
At press time, BTC traded at $71,482.
