Bitcoin Spot Market Bias Resets Near $111K
Bitcoin's spot market bias turns neutral, signaling reduced buyer conviction around the $111K level.
- Spot market bias for Bitcoin has shifted from bullish to neutral.
- April saw strong buyer dominance, now showing signs of weakening.
- CVD across exchanges indicates fading spot demand near $111K.
Bitcoin’s spot market is signaling a shift in sentiment. After a strong wave of bullish momentum in April, the cumulative volume delta (CVD) across major trading venues has now reset to a neutral level. This change suggests that the aggressive spot buying observed earlier in the year is no longer present, with market participants growing cautious as BTC approaches the $111,000 mark.
The CVD metric, which tracks the difference between buying and selling pressure, had shown consistent upward pressure during April, highlighting strong conviction among buyers. However, the latest data indicates this enthusiasm has faded. Spot traders, especially those active on high-volume exchanges, are no longer pushing prices with the same intensity.
What This Means for Bitcoin’s Price Action
The neutral CVD could be a warning sign for Bitcoin bulls. As the spot market plays a crucial role in sustaining upward trends, a drop in conviction may lead to either a consolidation phase or a short-term correction.
This reset in bias does not necessarily signal a bearish reversal but rather highlights the current hesitation among spot buyers at elevated price levels. It also points to a potential shift in market structure, where derivatives might start playing a bigger role in price discovery if spot momentum doesn’t return soon.
Market watchers should now focus on whether new catalysts — such as macroeconomic news or institutional inflows — can reignite spot demand or whether Bitcoin will enter a broader sideways range around this critical price zone.
Market Eyes on $111K Resistance
The $111K level is now proving to be a psychological and technical resistance point. With spot buying momentum stalling, it’s crucial to monitor if buyers step back in or if sellers start to take control.
A sustained break above this level with renewed spot activity could trigger a fresh leg higher. On the other hand, continued neutrality may lead to reduced volatility and range-bound trading until a new narrative drives the market.
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