Bitcoin's price has shown a decline following a peak near $68,500, leading to speculation about whether this might be a local top. Currently, the cumulative volume delta (CVD) for Bitcoin remains negative, indicating that retail investors are selling at higher prices. Additionally, the Bitcoin futures market is overleveraged, raising concerns about a potential volatility shakeout. The leverage ratio has hit an all-time high, suggesting that excessive leverage could lead to significant liquidation events. Analysis also indicates a third bearish divergence in Bitcoin indicators, as Bitcoin has formed a series of higher lows without successfully breaking resistance. Historical patterns suggest that these divergences may precede larger price drops of 25% to 30%. Observers note that for upward momentum to continue, an increase in demand on exchanges is necessary, while the current market signals hint at a potential retreat towards a demand zone around $63,000-$64,000.

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