Bitcoin rallied strongly from the $62,000 range to test the $65,000 resistance level. During this upward movement, aggressive market buys paired with short liquidations generated significant buying pressure, driving a steep rise in Cumulative Volume Delta (CVD) across key venues. However, exchange-level CVD data reveals notable strategic divergence among market participants.

CVD Breakdown by Exchange

- Binance ($8.8B → $9.6B): Showed a sharp positive surge in CVD, acting as the primary fuel behind the rally and directly supporting near-term upward momentum.

- OKX (-$197M → -$171M): While remaining net-negative, OKX saw buyers step in during pullbacks, resulting in a mild positive recovery in its CVD.

- Bybit (-$579M → -$573M): Remains deeply in negative territory. Bybit traders continued to exert selling pressure despite the rising price, indicating that a breakout above $65K could trigger severe liquidations and leave short positions badly caught off guard.

- Deribit ($550M → $580M): Maintained its positive stance, consistently adding long-side pressure to support the move higher.

Market Outlook

The rally continues to draw strength from Binance and Deribit, with secondary support from OKX. Conversely, Bybit remains heavily positioned against the trend. If Bitcoin sustains its upward trajectory and clears the $65K resistance, Bybit users face the highest risk of forced liquidations and significant losses.

Written by BorisD