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Bitcoin Market Analysis: Is a New $68,500 Peak Possible?

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2 hours ago

Bitcoin's price decline in the last 24 hours has led to speculation about reaching a local peak at $68,500. Let's examine the factors influencing the current situation.

Negative spot CVD dynamics

During the Q1 rally, Bitcoin reached new highs with consistent growth in spot volume cumulative delta (CVD), indicating retail buying pressure on exchanges like Binance, Coinbase, OKX, and Bybit. Currently, CVD is in decline, suggesting continued selling.

Bitcoin is at a resistance point and must move into a decision phase.XBTManager

Bitcoin-USDT futures market overleveraged

According to CryptoQuant, the current futures leverage ratio for Bitcoin has reached an all-time high, indicating an overleveraged crypto derivatives market, including USDT pairs with Ethereum and Tron.

Leverage volume on the top three exchanges stands at 32%. A rise above 55% could trigger a cascade of liquidations.Axel Adler Jr

Bearish divergences in Bitcoin indicators

Cointelegraph previously noted the break in Bitcoin's six-month downtrend with higher lows. Each attempt to break the resistance trendline resulted in bearish divergences with RSI and MACD, leading to 25-30% price drops.

The Bitcoin market remains tense. There could be a continuation of the downtrend or a new upward move, requiring close attention to indicators.

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