**Bitcoin Faces Potential Downturn Amid Market Indicators**

Bitcoin's price has been slipping over the past 24 hours, suggesting it might have peaked at $68,500. Let's break down why this could be a local top:

- **Spot CVD Decline**: During Bitcoin's Q1 rally, the cumulative delta (CVD) for spot volume was rising, indicating strong buying pressure. Currently, this metric is declining, showing that retail investors are selling at higher prices.

- **Overleveraged Futures Market**: CryptoQuant CEO Ki Young Ju notes that the BTC futures leverage ratio has hit an all-time high. This overleveraging could lead to a volatility shakeout, potentially triggering liquidations if leverage volume rises above 55%.

- **Bearish Divergence**: Bitcoin's 12-hour chart shows a pattern of higher lows failing to break resistance, accompanied by bearish divergences in RSI and MACD. Historically, such patterns have led to significant price drops.

Analysts suggest that for Bitcoin to regain upward momentum, demand must increase on exchanges. However, current signs point to a potential dip, possibly retesting the $52,000-$50,000 range. As always, investors should conduct their own research before making any decisions.