Analyst: Bitcoin's brief rebound erased by $92.7 million sell-off, $62,000 becomes key resistance level

CoinFeed July 9 news, CryptoQuant analyst Axel Adler Jr. stated that since July 7, the Bitcoin futures market has been dominated by sellers. The Cumulative Volume Delta (CVD) shrank from +$800 million to +$230 million in two days, a contraction of nearly 70%, while the price fell from about $64,000 to $62,000 during the same period. On July 8, there was a brief buying pulse, with two consecutive hours recording +$22 million and +$48 million in buy orders, but the price remained almost unchanged around $62,100, and then was completely erased by a $92.7 million sell-off wave in a single hour. The analyst pointed out that the CVD remaining positive means that buyers still have a cumulative advantage since the beginning of the month, but the speed of contraction and the simultaneous price decline indicate that momentum has shifted to sellers. This is not a panic washout, but a continuous shift in capital flows.