$BTC at $73,000 today is very different from $73,000 in March 2024. I don’t feel much excitement; perhaps the market following my forecast has taken away the element of surprise.
The BTC/USDT trading pair on Binance, which has the largest volume and liquidity for Bitcoin, is what I usually analyze to gauge market dynamics.
One key point to note is that the two CVD indicators, Cumulative Volume Delta (CVD Candles) and Aggregated Spot Cumulative Volume Delta (Spot CVD), still show a long-term downtrend, creating a divergence with the macro uptrend in BTC’s price action.
To explain this phenomenon, although Bitcoin’s price has risen and sellers have been selling aggressively (possibly to take profits during Bitcoin’s growth phase), there has been an incredibly strong buying force that absorbed nearly all the selling liquidity. This is a very subtle signal indicating that large whales have been quietly accumulating all this time. Only the biggest whales and market makers have the ability to create such a macro divergence between price and the CVD indicators.