#metrics #bitcoin
📊 $BTC : Market and Key Metric Analysis.
Despite attempts at a local rebound earlier this month, Bitcoin remains under selling pressure. Let’s take a closer look at what is happening under the market's hood:
🔍 Key Metrics and Facts:
➡️ Price and Volume: After hitting a local peak on October 2–4, the price has been in a clear downtrend. The bulk of trading volume is concentrated on Binance, followed by OKX and Bybit. Spikes in volume coincide with sharp price drops.
➡️ CVD (Cumulative Volume Delta): One of the most concerning signals is the significant drop in cumulative delta (down $2B–$3B on Binance and Bybit). This confirms that the market is being driven by aggressive market selling.
➡️ Open Interest (OI): Total OI remains high (over $20B). This indicates that market participants are holding their positions; the price decline is accompanied by an accumulation of short positions or the retention of "trapped" long positions.
➡️ Liquidations: A series of cascading long liquidations totaling over $50M–$100M+ occurred on October 7–8, putting further downward pressure on the price.
➡️ Funding Rate & Basis: Funding remains moderately positive (10–20% APR), while the annualized premium on 3-month futures has dropped to ~8–10%. No panic-driven negative funding has been observed so far.
➡️ Sessions and days: Tuesdays and Wednesdays proved to be the most bearish days of the week, with key momentum shifts occurring during the US and Asian (APAC) sessions.
⚠️ Summary and trading scenario:
The market is currently in a "long squeeze" phase, facing pressure from spot and futures market sellers.
‼️ To see a reversal or the formation of a solid setup for a rebound, we need to wait for:
1. A halt in the CVD decline (formation of a divergence with the price).
2. A full unwinding of open interest (capitulation).
3. The price to enter a stabilization and consolidation phase.
📊 $BTC : Market and Key Metric Analysis.
Despite attempts at a local rebound earlier this month, Bitcoin remains under selling pressure. Let’s take a closer look at what is happening under the market's hood:
🔍 Key Metrics and Facts:
➡️ Price and Volume: After hitting a local peak on October 2–4, the price has been in a clear downtrend. The bulk of trading volume is concentrated on Binance, followed by OKX and Bybit. Spikes in volume coincide with sharp price drops.
➡️ CVD (Cumulative Volume Delta): One of the most concerning signals is the significant drop in cumulative delta (down $2B–$3B on Binance and Bybit). This confirms that the market is being driven by aggressive market selling.
➡️ Open Interest (OI): Total OI remains high (over $20B). This indicates that market participants are holding their positions; the price decline is accompanied by an accumulation of short positions or the retention of "trapped" long positions.
➡️ Liquidations: A series of cascading long liquidations totaling over $50M–$100M+ occurred on October 7–8, putting further downward pressure on the price.
➡️ Funding Rate & Basis: Funding remains moderately positive (10–20% APR), while the annualized premium on 3-month futures has dropped to ~8–10%. No panic-driven negative funding has been observed so far.
➡️ Sessions and days: Tuesdays and Wednesdays proved to be the most bearish days of the week, with key momentum shifts occurring during the US and Asian (APAC) sessions.
⚠️ Summary and trading scenario:
The market is currently in a "long squeeze" phase, facing pressure from spot and futures market sellers.
‼️ To see a reversal or the formation of a solid setup for a rebound, we need to wait for:
1. A halt in the CVD decline (formation of a divergence with the price).
2. A full unwinding of open interest (capitulation).
3. The price to enter a stabilization and consolidation phase.