Bitcoin has reached an all-time high of $111,980 on Binance, with technical data suggesting that buyers are dominating the market. The Bitcoin Spot Taker Cumulative Volume Delta (CVD) has turned green, indicating a shift in market sentiment from selling to buying pressure.
The CVD measures the difference between taker buy and sell volumes on spot exchanges over time. A rising CVD signals potential bullish momentum. Historically, when this metric turns green, it indicates that buyers have regained control of the market after an extended period of selling pressure.
This trend is particularly noteworthy given Bitcoin’s current price action, which has seen the asset set fresh all-time highs. The fact that buyers are willing to accumulate BTC even at historically high prices suggests that they are optimistic about continued upside.
However, recent analysis suggests that this rally may not be without interruptions. Some experts predict that Bitcoin could soon break down from its current range of $110,400 to $111,100.
Unlike previous ATHs, which were often met with market euphoria and subsequent price declines, the current rally is different. New investors are sitting on substantial profits, and whales are showing minimal selling activity. Neutral funding rates in the BTC futures market also suggest that this rally is more organic than speculative.
As a result, Bitcoin’s buying frenzy continues to boost its price, currently trading at $108,553, down 2.6% in the past 24 hours.
Source: https://www.newsbtc.com/bitcoin-news/bitcoin-buyers-regain-control-spot-cvd-flashes-bullish-shift-above-110000