BTC 90-day Spot Taker CVD is currently reflecting sustained taker sell dominance as price trades near cycle highs. This indicates that market participants are increasingly willing to sell aggressively into strength, a behavior typically associated with profit-taking and distribution during high-liquidity environments rather than panic-driven exits.
Notably, the CVD has not entered a sharp negative acceleration. Instead, its structure resembles historical mid-cycle phases where selling pressure temporarily absorbs demand and slows momentum without invalidating the broader uptrend. This suggests local cooling rather than a structural breakdown in spot market demand.
From a macro perspective, the Silver/Gold ratio continues to test a long-term descending resistance, a level that has historically acted as a leading indicator for risk-on transitions. When capital rotates away from defensive assets like precious metals, Bitcoin and other high-beta assets have consistently been among the primary beneficiaries.
Taken together, spot-level distribution and supportive macro signals point toward a consolidation or re-accumulation phase rather than a cycle top. As long as spot selling is absorbed and macro risk indicators avoid a reversal back toward defensiveness, Bitcoin’s higher-level bullish structure remains intact.
The key confirmation ahead will be a stabilization in Spot Taker CVD alongside a decisive breakout in the Silver/Gold ratio, which would strengthen the case for trend continuation rather than exhaustion.
Written by CryptoZeno
