Bitcoin Price Analysis Insights from CVD Data Unveiling Market Trends
The year 2024 has been a fascinating journey for the Bitcoin market, characterized by significant buying and selling pressures. In March, the market even saw an all-time high. By analyzing this journey using the Bitcoin’s Spot Cumulative Volume Delta data, we can gain deeper insights into this interesting market.
The Spot Cumulative Volume Delta data measures the net buying and selling pressure by tracking the cumulative difference between buy and sell volumes. A positive value indicates selling dominance, while a negative value shows the opposite.
In early 2024, a significant positive CVD was recorded, indicating buying pressure, coinciding with the event of BTC reaching an all-time high in mid-March. This positive momentum was driven by the launch of Spot Bitcoin ETFs and increasing interest from institutional investors.
Post-halving, the CVD data showed fluctuating volumes with occasional spikes in buying activity. The market experienced substantial selling in May and June, leading to temporary price corrections.
The long-term CVD chart reveals cyclical patterns of intense buying and selling activities aligned with Bitcoin’s price cycles. This pattern proves the cycle nature of the Bitcoin market behavior.
Currently, the price of Bitcoin stands at $61,000.07, marking a 1-year change of +98.8%. In the last 30 days, it has seen an 11.0% decline, with a 6.8% drop in the last 14 days and only a 1% drop in the past week.
The price of BTC in early 2024 was around $44,168, with a sharp uptrend in late January culminating in mid-March, pushing the price above $73,000. Since then, the price has been in a sideways market, oscillating between $71,700 and $58,000. On June 5, the price was over $71,000, but has since weakened sharply.
In the last seven days, the price has oscillated between $62,900 and $60,000, with a green candle on the daily chart on June 30, closing around $62,500.
In conclusion, despite short-term fluctuations, the underlying buying pressure and institutional interest suggest a bullish long-term outlook for Bitcoin.