$BTC price went higher from ~63k to ~64.5k and is holding near the highs.
Spot CVD: Up until Aug 6, now starting to turn over → spot buying pressure is fading.
Futures CVD: Strong positive jump since Aug 5-6 and still high -> futures still aggressive long.
Open Interest: Decreasing with price → predominantly short covering + some profit-taking.
L/S ratios: Top-trader positions still rising hard (~1.6, very long-biased). Also accounts ratios rising.
Funding: Good, but not revolutionary.
Simple take:
Futures and top traders are still leaning long so that is supportive to the upside. But a weak spot CVD with strong futures is a little divergence. This is frequently seen near short-term exhaustion or early distribution. CVD weakness is accelerating but bias remains mildly bullish unless price breaks recent range lows.
Spot CVD: Up until Aug 6, now starting to turn over → spot buying pressure is fading.
Futures CVD: Strong positive jump since Aug 5-6 and still high -> futures still aggressive long.
Open Interest: Decreasing with price → predominantly short covering + some profit-taking.
L/S ratios: Top-trader positions still rising hard (~1.6, very long-biased). Also accounts ratios rising.
Funding: Good, but not revolutionary.
Simple take:
Futures and top traders are still leaning long so that is supportive to the upside. But a weak spot CVD with strong futures is a little divergence. This is frequently seen near short-term exhaustion or early distribution. CVD weakness is accelerating but bias remains mildly bullish unless price breaks recent range lows.