BTC Market Flow Update
BTC Binance Spot
Price still struggling to find momentum around 65K and Monday highs
Notably, there is clear passive selling around 65K, which confirms that the market sees price as real resistance and supply
Compounding sell liquidity increased to 65K, which means that a lot of buying from both buyers and passive buyers is needed to move the auction price higher
Bid liquidity remains around 62K-60K
BTC Total CFDs and Delta
Still seeing a lack of interest from spot buyers for bids above $64K; this needs to change to go higher
Perp participation, especially takers, above 64K
BTC Binance Perp/Bybit Perp
Now we can clearly see that the increase in the P/E is more directional with longs chasing higher prices into spot supply
Absorption near highs, so longs close on the way back down
Some hedge funds may open above 64K after absorption
