Seller pressure on bitcoin does not weaken: the price holds above $64,200, but the foundation is shaky
Bitcoin (BTC) continues to hold above the $64,200 mark, but beneath this outward calm lies powerful selling pressure. On-chain data analysis points to an alarming imbalance: despite the price recovery from local lows around $60,000, buying activity remains critically weak.
The key indicator reflecting this dynamic is the Cumulative Volume Delta (CVD) on Binance. This metric tracks the accumulated difference between market buy and sell volumes. Currently, CVD is in a deeply negative zone, at around -899,000 BTC. This means that over the period under review, sellers have significantly outnumbered buyers, and this dominance is not only persisting but continuing to intensify.
Growth Without Support: A Dangerous Signal
The paradox of the current situation lies in the divergence between price and CVD. Bitcoin has managed to bounce from $60,000 and return above $64,000, but this rise is not backed by a corresponding increase in buying volume. On the contrary, it is occurring against a backdrop of continued seller dominance. Such a scenario is a classic sign of a "market without support," where any upward movement may prove false and quickly turn into a correction.
The total trading volume for the period was approximately 492,000 BTC, with a net volume (delta) of about 10,180 BTC. These figures confirm that, although isolated buying spikes are observed, the overall trend remains bearish. Some market participants, it seems, are using local rallies to reduce long positions or lock in profits, which is creating this sustained pressure.
Demand as the Sole Anchor
Despite the aggressive stance of sellers, Bitcoin has not yet crashed. This suggests that there is sufficiently strong demand in the market capable of absorbing some of this pressure and preventing the price from a sharp decline. This demand acts as a kind of anchor, preventing the price from falling below critical levels.
My expert view: The current situation resembles a "fragile equilibrium." Bitcoin's resilience above $64,000 is a positive signal, but it should not be misleading. As long as CVD remains deeply negative, any bullish scenario will be vulnerable. To confirm a bullish trend, we need to see a shift in CVD dynamics and a confident increase in buying activity. Until then, any upward movement should be viewed with caution, as a potential bull trap.