$BTC
This chart reveals why the price of the coin has held at $90k but has not yet surged dramatically. This is a typical **“Passive Accumulation”** phase.
CVD (Cumulative Volume Delta) - a typical divergence:
Observation: Pay attention to the second column (Spot CVD) and the third column (Contract CVD), both lines are heading downward.
Interpretation: This means that the **active sell orders (Market Sell)** in the market are still very strong, and retail investors or panic sellers continue to sell at market prices.
Key Point: Although CVD is declining, the price (Price) has remained around $90k without making new lows.
What does this mean? This is textbook-level **“Limit Order Absorption.” (Limit Buy Absorption)**. Someone (as seen from the on-chain data, a giant whale over 10k) has placed a large number of limit buy orders below, like a wall, absorbing all the goods thrown out by retail investors.
Funding Rate:
Observation: The rate reading is 0.0037 (slightly positive), the bars are very short, with occasional red bars (negative rate).
Interpretation: The leveraged market has calmed down. The previous frenzy at $120k (high rates) is gone, and there is no extreme short squeeze (deep negative rates). This is a healthy “reset” state, suitable for starting a new trend.
