Analyst: Bitcoin's brief rebound was erased by a selling pressure of 92.7 million dollars, with 60,000 dollars becoming a key resistance level

CryptoQuant analyst Axel Adler Jr. stated that since July 7, the Bitcoin futures market has been continuously dominated by sellers. The cumulative volume delta (CVD) shrank nearly 70% from +800 million dollars to +230 million dollars within two days, while the price fell from about 64,000 dollars to 62,000 dollars during the same period. On July 8, there was a brief buying pulse, recording +22 million and +48 million dollars in buying over two consecutive hours, but the price remained almost unchanged around 62,100 dollars, only to be completely erased by a selling wave of 92.7 million dollars within a single hour.

The analyst pointed out that the positive CVD still indicates that buyers have an accumulation advantage since the beginning of the month, but the speed of contraction and the simultaneous price decline suggest that momentum has shifted to sellers. This is not a panic washout, but rather a continuous shift in capital flow. If the CVD falls below the zero axis, it would mean that sellers not only dominate the current capital flow but have also completely erased the buyers' accumulation advantage, confirming a more sustained bearish pattern. The current 62,000 dollar area has become a resistance level rather than a demand support zone.