In-depth analysis for BTCUSDT on the 4-hour timeframe, based on the main Indicators set of Coinglass Legend:


1. Market Context & Price Action

  • The current price (~ 108,973 USDT) is fluctuating in the side-ways range of 106,500 – 112,000 USDT, with the old peak around 111,959 USDT.


    Previously, BTC had a slight pull-back from 111,959 down to ~ 106,500 and then bounced back up, indicating that bulls are still keeping the active pressure.

2. Sentiment – Fear & Greed (68)

  • Index 68 (high Greed) indicates the market is optimistic, the majority believes in a continuing upward trend.


    This level usually accompanies a corrective pull-back before bulls continue to buy at support areas.

3. Taker Buy/Sell & Active Buy/Sell Volume





Indicator
Buy
Sell
Delta
Notes




Taker Buy/Sell Value
127.18 M
105.15 M
+22.03 M
High volume of people willing to act as makers


Active Buy/Sell Volume
1.17 K
0.97 K
+0.20 K
Taker volume (short-term) leans towards buying

  • Positive delta both in value and volume indicates active buying demand (taker buy) still dominates, supporting the upward trend.

4. Orderbook Liquidity & Delta



Indicator
Buy Depth
Sell Depth
Ratio
Notes


Orderbook Liquidity
2.55 K
2.79 K
– 0.04
Sell-side liquidity is slightly higher


Orderbook Liquidity Delta
– 239.53
—
—
Slight decrease in buy side liquidity

  • Buy-side liquidity decreases, meaning the order book on the buy side is tightening, making it easy to see a gap if there is unexpected sell-flow.


    Sell-side is slightly higher indicating that profit-taking sentiment is tense around the current price.


5. Whale Index 4 (15.29)


  • The index is in the range of about 10–30, whales are trading relatively actively (large orders are concentrated around the peak).

    Major shareholders may be 'supporting the price' every time there is a pull-back to support, this cycle may repeat.

6. Open Interest & Funding Rate


Indicator
Value
Recent trend


Open Interest
~ 83,800
Slight increase from 80,000


Funding Rate
+0.0038 %
Positive, longs are paying shorts

  • OI increases in line with the upward price trend: new positions are being opened.


    Positive funding lasting over 0.01% will create unwind pressure (liquidate long positions), but at the current level of 0.0038% it is still quite safe.

7. Summary & Scenarios


  1. Bullish continuation

    If BTC holds the 108,000 – 108,500 support area (where buy liquidity is moderate) along with maintaining buying delta, it may retest 112,000 and extend to 114,000.

    Whale Index increases when testing support, reminding that whales are still accumulating.

    1. Pull-back deeper

      If buy-side liquidity continues to dwindle and large 'dump' orders appear (see the large red circles in 'Large Trades'), the price may easily break through 108,000 and drop to the 106,500–107,000 range.

      Positive funding will push some longs out, quickly reducing OI.

8. Trading Recommendations

  • Buy on the pull-back around 108,000 – 108,500, take some profit if the price hits 111,500 – 112,000.

    Avoid placing large orders when the buy-side order book is thin, switch to OCO (one-cancels-other) technique to manage risk.

    Closely monitor Aggregated Liquidations (coin-margined): spikes in coin-margined liquidations often signal a climax in short-term trends.

In summary, BTC is in a 'continuing increase' phase but with strong fluctuations due to tightening buy liquidity. Prioritize probing buys during pull-backs, maintain a risk:reward ratio of about 1:2, and closely monitor whales as well as the funding rate to avoid being squeezed.


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Hope this analysis helps you have a comprehensive view and make effective decisions!