Despite the fact that the bitcoin (BTC) rate holds above $64,200, seller pressure on the market is not easing. As CryptoQuant analyst Arab Chain notes, the cumulative volume delta (CVD) indicator on the Binance exchange remains deep in the negative zone — about −899,000 BTC, which reflects a clear predominance of sell orders over buy orders.

The CVD (Cumulative Volume Delta) indicator measures the accumulated difference between the volumes of market buys and sells. A negative value means that sellers "outweigh" buyers. This, according to the analyst, is exactly what is happening on the market in recent trading sessions.

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Price growth without buyer support

According to Arab Chain, the price gradually recovered from levels around $60,000 at the beginning of the observed period and returned above $64,000. However, this growth was not accompanied by an improvement in the CVD indicator, which remained in the negative zone.

Such a divergence indicates that the recent bounce was not fully backed by strong buying activity. Instead, the price growth occurred amid continuing seller pressure, which calls into question the sustainability of the recovery.

Demand restrains the decline

Additional data show that total trading volume reached about 492,000 BTC, while net volume (delta) was about 10,180 BTC. Despite individual positive flows in some periods, the indicator's accumulated value still reflects a predominance of sellers over buyers across the entire segment under consideration.

According to Arab Chain's assessment, a negative CVD suggests that some participants are using the price growth as an opportunity to reduce positions or lock in profit.

At the same time, bitcoin's ability to hold above $64,000 reflects the presence of demand sufficient to absorb part of this pressure and limit its direct impact on the price.

Source: BeInCrypto