The spot and futures cumulative volume delta, along with the open interest metric on the chart show traders selling near the range highs and the absence of new long leverage and significantly sized spot positions being opened in this area, whereas drops to range low (bull flag support) sees bids filled on the spot side, but there is still limited use of margin for fresh longs. BTC/USD spot and margin CVD.Source: TRDR.ioBitcoin’s recent cool-down phase is a normal outcome after the near 40% recovery that started on April 8, and the loss of upward momentum resulting from profit-taking in futures markets near the current range high is also to be expected. Bitcoin short-term holder supply profit and loss data from Glassnode supports this view, as shown in the chart below.
A bull flag is a continuation pattern that is characterized by a period of sideways price action following a sharp uptrend, and when the structure confirms or breaks from the trendline resistance, the uptrend continues. BTC/USDT 1-day chart.Source: TRDR.ioWhile the range-bound trading portion of the flag is said to represent indecision from buyers and sellers, in this scenario, the absence of buy volume is the primary culprit.As shown in the TRDR.io chart below, Bitcoin’s explosive move to $105,900 from $74,400 was accompanied by large liquidations in the margin markets and robust spot volumes, which aligned with several days of billion-dollar spot BTC ETF inflows. BTC/USDT 1hr chart.Source: TRDR.ioDuring this three-week period, several US-based and international companies also announced plans to purchase Bitcoin and establish BTC treasuries.
Source: Material IndicatorsSharing his view with X followers, analyst Daan Crypto Trades said that the bulk of bullish and bearish narratives with the potential to impact Bitcoin’s price action have “cleared up” and he noted that BTC price has stalled near its all-time high while stocks have continued to rally after President Trump’s US-China trade deal was confirmed. The analyst said that “$90K remains my long-term line in the sand for spot exposure,” adding that he is “cautiously bullish” with price above $90,000 but that is dependent upon how US equity markets perform in the short term. “I would not be surprised to see a short-term flush if stocks were to roll over and make a higher low somewhere.
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