Key takeaways:
- Retail traders are actively buying BTC on dips across both spot and futures markets, yet selling pressure from larger investors is holding back a strong price rebound.
- While the risk of another sharp drop to $105,000 appears limited, investor sentiment remains out of sync with trends observed in various cumulative volume data segments.
Bitcoin and Ether are attempting to regain the price levels they lost during the sharp sell-off from Saturday through Monday. Bitcoin has climbed just 2.4% from its $108,665 low, while ETH has performed better, rising 8.26% to reach a daily high of $4,663 from Monday’s low of $4,310.
Data indicates that a variety of traders have been buying the dip, yet BTC remains in a downtrend. Anchored cumulative volume delta data for retail traders (holding $1K–$10K) shows consistent net buying throughout the correction from Sunday to Wednesday.
Meanwhile, whale and institutional traders (holding $1M–$10M) were net sellers during the same period. However, as the chart illustrates, the selling pressure has eased as BTC reclaimed the $111,000 level.
A closer look at CVD data reveals that retail traders in Binance’s Bitcoin spot and perpetual futures markets have been opening longs throughout the dip, while whales and institutional-sized traders have remained net sellers.
On Coinbase, retail Bitcoin spot traders have also been active, recording $101.253 million in net buying. In contrast, institutional investors on both Coinbase and Binance have been net sellers, with perpetual markets offloading roughly $7.5 billion during the same period.
The key takeaway is that whales are driving the bulk of selling pressure, while retail and mid-sized traders try to support the price, seemingly betting on discounted Bitcoin valuations or a swift rebound to the $117,000–$118,000 range. Despite these efforts, Bitcoin remains stuck in a short-term downtrend, even though smaller-order CVD on Binance and Coinbase shows positive activity.
Will Bitcoin hit $120,000 or drop to $105,000 first?
Hyblock’s liquidation heatmap shows Bitcoin absorbing bids in the $110,000–$111,000 range during the weekend sell-off, with another support cluster near $104,000.
Although a drop to the lowest liquidity zone appears unlikely, the current imbalance—where large-order selling significantly outweighs retail buying—continues to weigh on BTC’s price.
Traders looking for consolidation should monitor the anchored aggregated daily CVD to determine whether selling pressure eases and if any shift in volume corresponds with changing investor sentiment.
