Over the past 24 hours, bitcoin rose from $76.3K to $77.4K, and the balance of market buying and selling shifted in favor of buyers. Short positions account for most liquidations, but buyers only gained the upper hand in the past few hours.
TL;DR
The price recovery is accompanied by short liquidations and a return to net buying pressure. We examine how sustained this buying advantage is and what could interrupt the recovery.
Bitcoin Liquidation Pressure Oscillator
As of September 18, the metric had risen to +54.52 from +0.48 a day earlier. Short liquidations now clearly dominate: traders who bet on a decline are having their positions forcibly closed, supporting the price rise.
The indicator has remained above zero since the morning of September 17. If it returns to zero, the balance of liquidations will shift back toward longs. The forced closing of bullish positions would then generate selling and intensify the decline. For now, the data show the opposite balance.
Bitcoin Taker Order Pressure Oscillator
Over the same 24 hours, the indicator rose from -1.88 to +0.86. Market buying overtook selling, but the oscillator has been positive for only the past four hours. Its previous move above zero on the evening of September 17 was brief, with the balance turning negative again in less than an hour.
The next thing to watch is whether the indicator stays above zero as the price continues to rise. This would confirm that the buying advantage is holding.
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FAQ
Does a reading of +54.52 mean liquidation volume is high? No. The oscillator shows that short liquidations outweigh long liquidations, but without absolute volumes, we cannot assess the scale of forced closures.
Does positive Taker Order Pressure confirm a sustained reversal? No. It shows the current dominance of market buying, and the recent failed move above zero is a reminder that this advantage can quickly disappear.
Conclusions
The short-term picture has improved: the price has recovered, and market buying has gained a slight advantage. Positive Taker Order Pressure alongside further price gains would strengthen this signal. The main risk is a return below zero in the indicator as bitcoin resumes its decline. If long liquidations also begin to dominate, forced selling could add further pressure on the price.
Live Charts
Explore the metrics behind this brief with live, auto-updating charts:
Funding Rates - Perpetual futures funding to track long-side or short-side leverage pressure.
Open Interest (BTC) - Total futures positioning and 7-day BTC-denominated change.
Coinbase Premium Index - Coinbase vs global market premium as a proxy for US spot demand pressure.
Fear & Greed Index - Composite market sentiment for risk appetite and sentiment extremes.
Derivatives - All funding, open-interest, and leverage charts in one view.