Bitcoin holds above $64,200, but selling pressure intensifies: CVD analysis
The Bitcoin (BTC) market presents a paradoxical picture: despite the price holding above the $64,200 mark, selling pressure remains relentless. A key indicator — the Cumulative Volume Delta (CVD) on Binance — is in deeply negative territory, approximately at -899,000 BTC. This is direct evidence that the volume of sell orders significantly exceeds the volume of buy orders, meaning sellers dominate.
Growth Without Buyer Support
The CVD metric measures the cumulative difference between market buy and sell volumes. A negative value means that sellers systematically "outweigh" buyers. And this is precisely what we have observed in recent trading sessions. The price bounced from levels around $60,000 and returned above $64,000, yet this rise was not accompanied by an improvement in the CVD indicator. It remained in the negative zone.
Such a divergence is a powerful signal. It indicates that the recent bounce was not backed by strong buying activity. The price increase occurs against a backdrop of continued selling pressure, which casts doubt on the sustainability of the recovery. Essentially, some market participants are using any uptick as an opportunity to reduce positions or lock in profits.
Demand Cushions the Fall
Nevertheless, Bitcoin's ability to hold above $64,000 reflects the presence of demand sufficient to absorb some of this pressure. Total trading volume over the period reached approximately 492,000 BTC, with a net volume (delta) of about 10,180 BTC. Despite isolated positive flows in certain periods, the accumulated value of the indicator still reflects a clear predominance of sellers across the entire stretch.
This creates a classic "battle" situation between sellers, who are actively trying to push the price down, and buyers, who are currently holding key levels. The question is whose will proves stronger.
Expert Commentary: A situation where the price rises against a backdrop of negative CVD is often a precursor to a correction. This reminds me of the classic "bear trap" model, where price growth is not supported by real buying volume. Until buyers show more aggressive activity, the risks of retesting the $60,000 level remain high. Investors should closely monitor trading volume and CVD changes to confirm or refute the current trend.