Bitcoin has traveled a long way only by being a financial experiment, which has become an important store of value. Currently sitting in a six-stained assessment, the flagship cryptocurrency has collected a crowd of investors who actively benefit from its directional movements.
Despite all its development, the price action of bitcoin is still affected by the moments of mania, fear, and caution in investors. At the moment, on-chain data suggests that bitcoin can occur in a phase where caution is the order of things. Here is the details of this revelation.
After a long time trends become neutral in 90-day CVD shift
In the June 27 post on X, Social Media Platform, Crypto analyst Martun revealed that there has been a significant change in a significant metric. Here is the relevant indicator 90-day futures taker cumulative volume delta (CVD) metric, which tracks net purchases or sales pressure in BTC’s Futures Market.
A positive and rising value of metrics usually means that futures market dominates buyers (taking purchases). On the other hand, when the indicator is negative, it means that the futures are dominating the market dominated by the traders (Taker sells dominants).
Source: @JA_Maartunn on X
In the post on X, Martun reported that the current 90-day CVD is flat, indicating the market boom and balance between recession forces. Although good signs of recovery may appear in the price of bitcoin, this piece of on-chain data suggests that market leaders can return to a consolidated border.
Bitcoin fear and greed index at neutral levels
In another June 27th post on X, Crypto analytics firm Alfractal made an on-chain observation, which shares the same implications with Martun’s report. The revelation of the alphractal was based on the bitcoin: fear and greed index heat metric, which tracks the market spirit change – from extreme fear to extreme greed – over time.
Metric is with values from 0 to 100. The range 0-24 indicates extreme fear in the market; 25–49 reads as fear, while 50 is interpreted as a neutral level, where there is a balance between the two market emotions. On the other side of the spectrum, the market has 51–74 signal greed; 75–100 refers to extreme greed in the market, showing widespread optimism that is often at the top of the market.
According to Alfractal data, the fear and greed index is at 65, which is still away from the +90 levels seen in November and December 2024. This balance between buyers and vendors may suggest that a catalyst may be awaited like the development of macro news or on-chain to get a breakout on either side of the market.
Due to the current uncertainty, traders are advised to walk with caution in the market. As a press time, the price of bitcoin is approximately $ 107,143, with cryptocurrency losing about 0.11% in the last 24 hours.
Related reading: The price of bitcoin grows towards recent higher, but retail traders load on shorts
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Specially displayed image from ISTock, chart from tradingview
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