Bitcoin (BTC) has remained range-bound between $100,000 and $110,000 since May 7, aside from a few dips to as low as $98,000 in June, which were quickly followed by daily candle closes above the $100,000 level. Recent analysis reveals that BTC has withstood sustained selling pressure on Binance Derivatives throughout this period.
Bitcoin Withstands Binance Derivatives Sell-Off
According to a CryptoQuant Quicktake post by contributor BorisVest, taker users on Binance Derivatives have consistently engaged in sell-side activity for at least the past 45 days. Notably, the Cumulative Volume Delta (CVD) has remained negative throughout this time.
For the uninitiated, the CVD measures the net difference between market buy – aggressive buying – and market sell – aggressive selling – orders over time. It helps traders identify whether buying or selling pressure is dominating, even if price remains stable.
BorisVest noted that Binance…
