It's interesting to see $BTC spot CVD now leading perpetual CVD. Spot CVD has already broken above its previous high, while perpetual CVD is still below its own. That difference helps explain why recent pullbacks haven't triggered the same wave of liquidation cascades seen in past range breakdowns. This doesn't guarantee the lows are safe. If spot demand starts weakening, BTC could still move lower. However, as long as spot buying remains strong, any retest of the range lows is more likely to be absorbed than in previous sell-offs. With less leverage driving the market, there's also less leverage that can unwind and accelerate downside moves. #BTC Price Analysis# #Macro Insights#