Bitcoin continues to trade above the $77,000 level, maintaining a crucial position near a $90,000 breakout zone, but fresh market data reveals that the rally is becoming increasingly fragile. Cumulative Volume Delta (CVD) data from major spot exchanges shows a significant decline in buying momentum.
According to analysis shared by Darkfost, CVD on Binance plummeted from $50 million to just $6.5 million, while Coinbase's CVD dropped from $30 million to $5.7 million. This sharp decrease in spot demand adds pressure to the bullish case, even as Bitcoin holds above its 21-day moving average.
Renowned analyst Michaël van de Poppe remained cautiously optimistic, stating that Bitcoin's current weakness "would not necessarily lead to a deeper market collapse." He argued that expectations for a major correction seem excessive, particularly as the Nasdaq continues to recover. He noted that the technical setup still points to upside potential if momentum improves next week.
In contrast, analyst Nicholas Merten suggested that reclaiming the $80,000 level could be pivotal. "If Bitcoin can close above $80K, it might support a rally toward $93,000," he said, emphasizing the importance of near-term price action. The market now awaits a decisive move, with the $90,000 target remaining in play but contingent on renewed buyer strength.
The ongoing debate underscores the uncertainty in the crypto market, as spot demand indicators flash warning signs while macro conditions remain supportive.
