Bitcoin is trading almost $11,000 below its Aug. 14 record, according to CoinDesk data, but FalconX’s head of research says the market’s internal structure still looks “extremely bullish.”

In a post on X on Wednesday, analyst David Lawant pointed to what happens in bitcoin’s order book — the live record of buy and sell offers on exchanges — when the price pulls back slightly from highs.

He explained that after these small dips, sell orders quickly disappear and buy orders take over, a dynamic he described as the order book “flipping” from the sell side to the bid side.

In plain terms, Lawant is saying that sellers are not sticking around to push the market down after modest declines. Instead, strong demand steps in almost immediately, and buyers crowd out sellers.

That pattern suggests

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