Analyst: Bitcoin's brief rebound erased by $92.7 million in sell pressure, with $62,000 becoming a key resistance level

ChainCatcher reports that CryptoQuant analyst Axel Adler Jr. stated that since July 7, the Bitcoin futures market has been consistently dominated by sellers. The Cumulative Volume Delta (CVD) shrank by nearly 70% in two days, from +$800 million to +$230 million, while the price dropped from around $64,000 to $62,000 during the same period. On July 8, there was a brief buying pulse, with two consecutive hours recording buy orders of +$22 million and +$48 million, but the price remained almost unchanged near $62,100 and was subsequently completely wiped out within an hour by a $92.7 million wave of selling.