$BTC Orderflow Update — Market still ranging, but bearish signals remain active.

Yesterday, we highlighted that asks were dominating, while a spot CVD divergence was beginning to form around the $77.4K–$77.8K region.

During today’s Asia session, price retraced toward $76.5K, flushing out late longs and resetting open interest. Bid/ask activity briefly turned neutral.

Now we’re seeing another bounce attempt — but once again, asks are starting to dominate, showing the same pattern as before.

Spot CVD continues making higher highs, while price is printing lower highs locally. A bearish divergence is developing.

Current liquidation clusters: • Above price: $78K–$78.5K — heavy liquidity zone • Below price: $75.6K–$76K — stop losses stacked around local lows

We could still see a move toward the $78K–$78.5K region before a deeper retrace happens. But unless spot buyers step in strongly and price reclaims $77.7K, the overall orderflow still looks bearish.

Will continue updating as price action develops.

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