The positive #Coinbase premium index indicates demand on the U.S. side. After #Bitcoin formed a 62k high, we knew it was at a decision point, looking to create liquidity with an uncertain direction. Structurally, momentum had decreased, indicating some selling pressure.

When examining #Bitcoin spot CVD, there was no significant strength after the high. It couldn’t even surpass its own buyer side. Currently, spot selling pressure has increased, contributing to the price decline. #Binance and #Bitfinex continue with selling momentum. Although #Coinbase isn’t selling as much, it still seems to have some impact.

Looking at perp CVD, #Binance shows selling pressure. It seems that #Bitmex has liquidated its long positions at the recent peak and switched to selling. #Bybit appears unsupported at the latest high, signaling a potential decline.

True retail long on #Binance is at 69, indicating a significantly high level. Retail has increased its long positions, which naturally exerts downward pressure on the price. Whale vs. retail delta is at -13, with retail buyer pressure outweighing that of the whales. The bulls seem to be out of the game for now. There appears to be some short pressure in top trade positions.

Summary: The neutral price structure was bound to explode at some point, and many were uncertain about the direction. We know there is a liquidity cluster around 63K and another around 53K. There is intermediate liquidity around 56K-57K. If we are to see a bounce, it should come from these levels; otherwise, a drop to 53K may occur. For now, most exchanges are moving on the selling side. To initiate a rise, spot and perp purchases need to be nearly aligned. If spot buying doesn’t occur, they are just misleading with perp. I especially want to emphasize this.

#Bitcoin #BTC
#Coinbase #Bitcoin