Bitcoin spot cumulative trading volume incremental data: overall analysis

At the beginning of 2024, we saw significantly positive CVD data, indicating that there is pressure on purchasing power in the market. This phenomenon is highly consistent with the Bitcoin price reaching a record high in mid-March 2024. Clearly, the launch of a spot Bitcoin ETF and growing institutional investor interest in Bitcoin are two key factors driving positive market momentum in the early months of 2024.

Interestingly, after the Bitcoin halving, CVD data showed that trading volume fluctuated, with occasional peaks in buying activity. According to the data, the market experienced a large amount of selling in May and June. Some analysts believe that this selling pressure is the main reason for the recent temporary market adjustment.

Long-term CVD charts: historical trend analysis

To understand the situation more deeply, let's analyze the long-term CVD chart. When we look closely at this chart, we can see that it shows a periodic and dense pattern of buying and selling activities that is consistent with the Bitcoin price cycle. The large-scale buying activity in late 2020 and early 2021, followed by the selling period in 2022, fully proves that the cyclical nature of Bitcoin's market behavior is not fiction.

Bitcoin current price trend

To get a clearer picture of the current Bitcoin price trend, please note the following: Bitcoin is currently priced at $61,000.07, showing a 98.8% increase over the past year. However, the price of Bitcoin has fallen by 11.0% over the past 30 days, by nearly 6.8% over the past 14 days, and by only 1% over the past week.

Let’s take a closer look at where Bitcoin’s price has been heading this year. At the beginning of 2024, the price of Bitcoin was approximately $44,168. Subsequently, starting from the end of January, there was a significant upward trend. This trend peaked in mid-March, pushing the price above $73,000. The price then entered a volatile sideways market phase, mostly trading between $71,700 and $58,000. Last month, on June 5, the price briefly exceeded $71,000. Since then, however, prices have begun to fall sharply.

In the past seven days, the price of Bitcoin has fluctuated between $62,900 and $60,000. As of June 30, Bitcoin’s daily chart showed a green candle and a closing price around $62,500.

Combining CVD data, historical trends, and current price dynamics, one conclusion can be drawn: despite short-term price fluctuations, underlying buying pressure and continued interest from institutional investors show that Bitcoin's long-term outlook remains bullish.