

GM. The $69K to $70K level that held repeatedly throughout this entire range has given way. $BTC is now at $68,782 and all three CVD lines have been trending lower together since the peak with no meaningful divergence between them. That alignment is not particularly encouraging, spot is not leading this lower which leaves the door open for a stabilisation, but it is also not pushing back in any convincing way. The spot delta histogram has been printing persistent red throughout the descent with a few green flickers that have not amounted to anything. Perp delta is similar. With $69K now flipped to potential resistance above and the broader macro backdrop still unsettled, the path of least resistance probably remains lower until the delta histograms show something more conclusive. Whether this finds its footing closer to $67K or revisits the $65K range is difficult to say from here, but a clean reclaim of $69K with spot CVD leading would be the first thing worth paying attention to on the way back up.

While equities, gold, and silver are all selling off, Bitcoin is holding steady around $69K–$70K, showing notable relative strength. The $BTC liquidation heatmap reveals a massive short liquidation cluster at around $76K to $77K (upper arrow) with density at 80.45 (the highest we've seen in this entire series) while long liquidation sits at around $66K (lower arrow). 📈 Bull case: BTC decoupling from risk assets during a broad selloff is a noteworthy signal. If this resilience holds, the $76K–$77K short wall is a magnet, and a sweep there would trigger the most violent squeeze we've tracked so far. Clean air to $80K+ after that, possibly. 📉 Bear case: Crypto often lags traditional markets on the way down. If the equity selloff deepens, Bitcoin's relative strength could crack, sending it into the $66K long cluster, and the broader risk-off environment would make that level much harder to defend. What do you think? 🤔






