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Analyst: Bitcoin’s brief rebound was wiped out by $92.7 million in selling pressure; $62k has become the key resistance level.

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Mars Finance News, CryptoQuant analyst Axel Adler Jr. stated that the bitcoin futures market has been consistently dominated by sellers since July 7. The cumulative volume delta (CVD) contracted nearly 70% from +$800 million to +$230 million within two days, while the price fell from approximately $64,000 to $62,000 over the same period. On July 8, there was a brief buying impulse, recording +$22 million and +$48 million in buys for two consecutive hours, but the price remained almost unchanged near $62,100, and was then completely erased by a $92.7 million selling wave within a single hour. The analyst noted that the CVD remaining positive means buyers still have a cumulative advantage since the start of the month, but the speed of contraction and the simultaneous price decline indicate that momentum has shifted to sellers. This is not a panic washout, but a continuous shift in capital flows. If the CVD falls below the zero line, it would mean that sellers not only dominate the current capital flow but have also completely erased the buyers' cumulative advantage, confirming a more sustained bearish pattern. The current $62,000 area has become a resistance level rather than a demand support zone.
BTC1.62%
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