For the past 45 days, taker users on Binance Derivatives have been consistently engaging in sell-side activity. While Bitcoin has been ranging between $100,000 and $110,000, the CVD (Cumulative Volume Delta) has remained persistently negative throughout this period.
Binance traders seem to view each bounce or rally as a selling opportunity, entering aggressive short positions via market sells. Despite this ongoing sell pressure, Bitcoin has held its ground well — maintaining its range and effectively absorbing the selling activity.
As long as this structure holds — meaning the price remains within the range while sell pressure continues to be absorbed — the potential for further upside remains intact.
The CVD metric plays a crucial role here. It aggregates both taker and maker activity to provide a real-time picture of net buy/sell pressure. The fact that CVD remains in decline confirms the dominance of sell-side flow. Yet, the inability of price to drop further despite this pressure may signal that Bitcoin is being absorbed by institutional or large players in the background.
This divergence between aggressive selling and resilient price action could be laying the groundwork for a breakout — assuming the absorption continues.
Written by BorisVest
