Market Didn’t Thin Out as Bitcoin Hit $80,000: Rally Appears Less Fragile

Bitcoin’s approximately 25% rally to $80,000 occurred while order capacity near the price on major spot exchanges was maintained, weakening the possibility of a fragile bounce caused by low liquidity.

Bitcoin climbed above $80,000 last week; strong ETF inflows and the U.S. Treasury Department’s bond buyback plan announcement were among the prominent catalysts of the bullish period. CoinDesk Research data showed that the rise did not occur in a shallow environment where only a few large orders moved the price sharply.

To understand this, market depth is tracked. This metric shows the total value of pending buy and sell orders near the current price. Staying high in depth indicates that large trades can be absorbed without causing excessive price volatility.

Order book did not weaken during the Bitcoin rally

The average 0.5% market depth measured on major spot exchanges was $9.6 million on August 18, when the rally began. The Bitcoin price was around $64,000 that day. This level was even above the $9 million record on January 1, when Bitcoin was trading around $88,000.

The depth in question decreased to $8.7 million on August 25, when Bitcoin reached $80,000. However, this decline remained within the normal range of variability. Order capacity at 1% and 2% distances showed a similar picture.

CoinDesk Research stated that there was no significant thinning in orders near the price. For this reason, the approximately 24% increase seems more consistent with real demand meeting orders on a large scale than a low liquidity gap.

The fact that liquidity usually weakens in August makes this result more significant. Maintaining depth during a period when trading desks operate at lower capacity due to summer vacations is considered a factor that reduces the rally’s fragility.