Bitcoin (BTC) has remained range-bound between $100,000 and $110,000 since May 7, aside from a few dips to as low as $98,000 in June, which were quickly followed by daily candle closes above the $100,000 level. Recent analysis reveals that BTC has withstood sustained selling pressure on Binance Derivatives throughout this period.
Bitcoin Withstands Binance Derivatives Sell-Off
According to a CryptoQuant Quicktake post by contributor BorisVest, taker users on Binance Derivatives have consistently engaged in sell-side activity for at least the past 45 days. Notably, the Cumulative Volume Delta (CVD) has remained negative throughout this time.
For the uninitiated, the CVD measures the net difference between market buy – aggressive buying – and market sell – aggressive selling – orders over time. It helps traders identify whether buying or selling pressure is dominating, even if price remains stable.
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BorisVest noted that Binance Derivatives traders are treating each BTC bounce or rally as a selling opportunity, opening aggressive short positions via market sell orders. However, this strong sell pressure has failed to push prices lower, as BTC continues to absorb the selling activity and maintain support above $100,000.
The analyst added that as long as BTC remains within its current range – between $100,000 and $110,000 – while absorbing sell pressure, the potential for upside remains intact. He explained:
The CVD metric plays a crucial role here. It aggregates both taker and maker activity to provide a real-time picture of net buy/sell pressure. The fact that CVD remains in decline confirms the dominance of sell-side flow. Yet, the inability of price to drop further despite this pressure may signal that Bitcoin is being absorbed by institutional or large players in the background.
That said, other analysts interpret the persistent selling pressure differently. For example, fellow CryptoQuant analyst Crazzyblockk recently observed that new buyer demand is struggling to keep pace with the combined supply pressure from newly mined BTC and selling by long-term holders.
BTC Eyeing A Breakout Ahead?
Bitcoin’s resilience in the face of heavy selling on Binance Derivatives has once again sparked speculation about a potential breakout. Several additional data points suggest that BTC may be poised to move into a higher price range soon.
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For instance, recent on-chain data shows that “weak hands” are offloading their BTC holdings to larger, more established investors – indicating a broader shift in sentiment favoring Bitcoin. Meanwhile, institutional interest in the asset continues to grow.
Additionally, the Bitcoin Yearly Percentage Trend suggests that BTC could top out around $205,000 by the end of 2025. At press time, BTC trades at $108,589, up 0.4% in the past 24 hours.
Featured image from Unsplash, charts from CryptoQuant and TradingView.com
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