$BTC orderflow update — something is changing
For days, spot CVD has been trending down: sellers in control, no conviction from buyers. Today that's starting to shift.
Here's what the data is showing right now:
1) Spot CVD turning up for the first time this week: spot buyers showing conviction
2) Futures CVD up with Open Interest rising: new longs opening
3) Large number of shorts still open from the lows: fuel for a squeeze if $77K flips
Key level to watch: $77K
Price is pushing to the top of the local range. Asks are still dominant and capping the move short term. But if $77K flips and holds as support, the range breaks to the upside.
Targets above:
— Equal weekend highs around $78.5K
— CME gap at ~$79.2K
Asks need to clear. CVD needs to hold. Not a confirmed move yet.
Watching closely.