Bitcoin Falls Below $66K as Spot Selling, Weak US Demand Weigh on Price
Bitcoin fell below $66,000 after three days of declines following a failed attempt above $70,000. On-chain and exchange data point to spot-led selling—particularly on Binance—while a negative Coinbase premium signals muted US investor participation. Key metrics: Binance cumulative volume delta (CVD) extended to about –$5.7 billion, aggregated open interest slid to $17.6 billion (from $20 billion), and CryptoQuant’s 30-day new money flow flipped negative near –$2.8 billion. The young-supply (0–1 month) share cooled to ~13%, indicating reduced speculative movement. Together these indicators show sellers dominating, leverage being unwound, and price drops failing to attract fresh capital inflows. Traders should note increased spot selling pressure, decreasing open interest, and low US spot demand as short-term bearish signals for BTC.
Bearish
The article highlights multiple converging on-chain and exchange indicators that point to downside pressure: a negative Coinbase premium (low US spot demand), large negative cumulative volume delta on Binance (spot-led selling), falling open interest (leverage unwinding), and negative 30-day new money flow (capital outflows). Historically, similar combinations—spot-led selling with declining open interest and no inflows—have coincided with short-term BTC drawdowns as there is insufficient buy-side liquidity to absorb sales. Short-term implication: elevated probability of further downside or extended range-bound trading below recent highs until spot demand returns. Traders may see more volatile, lower-high rebounds and should manage leverage and stop placement cautiously. Long-term implication: if outflows persist and US participation remains muted, rallies could be shallower and more reliant on macro catalysts or renewed institutional flows (e.g., ETF inflows). Conversely, a quick reversal in Coinbase premium and renewed inflows could rapidly shift sentiment bullish, but current readings favor continued bearish pressure.