$BTC Fridays in May keep delivering volatile sessions. Yesterday we flagged it, today it played out to the downside.
Asks were dominant at $78–78.5K on both the heatmap and order book depth. Spot CVD started trending down from that point, sellers were active on both limit and market orders simultaneously.
We've now reached the top of the $74–75K zone that's been on the radar for weeks. This is a major level: mid-range S/R flip + anchored VWAP from the range lows. Essentially the midpoint of Bitcoin's entire trading range since February.
What the data shows now:
— Order book depth flipping to the bid side, buyers starting to show up after the drop
— Spot CVD still trending down, no confirmed buying pressure yet
— Liquidation cluster at $74.7–74.9K still in play, stops sitting there could get swept
Two scenarios:
1) Hold $74–75K + CVD flips → reclaim $76K then $77K → $78.5K and CME gap at $79.2K back in play
2) Lose $74–75K → next major demand at $71–72K. Range lows become a real possibility.
Monitoring closely. Will update if anything changes.