Euphoria over bitcoin’s recent momentum coexists with a technical data point that demands caution: the Cumulative Volume Delta (CVD) in the spot market. After hitting a historical low earlier this year, real demand returned with a vengeance; however, the latest data from April 29 suggests that buying momentum across exchanges is losing the verticality necessary to sustain parabolic rallies without prior corrections.
From the February Abyss to April Glory
To understand our current position, we must look back. On February 5, 2026, the market experienced its worst Spot CVD reading on record since 2018, plunging to -$549.68M. At that time, selling pressure on the Bitcoin network was massive, suggesting unprecedented institutional capitulation.
However, the structure shifted radically. Since then, we have seen a succession of “higher lows” in capital flow. On March 4, we finally entered positive territory at $27.88M, validating a trend reversal that pushed the price of bitcoin from $67,735 to current levels.
Divergences at the Highs: Inflated Price or Consolidation?
Despite bitcoin trading at $75,900 today, the cumulative net buy volume (CVD) stands at a mere $3.44M. Comparing this to the peak on April 7—when CVD reached $83.29M at a price of $71,900—reveals a clear divergence.
What does this mean for your portfolio? It indicates the price is climbing with less “fuel” in the spot market than it had three weeks ago. While CVD marked a solid $70.23M on April 22 with the asset at $78,514, the current drop in net buy volume suggests much of the recent move could be driven by derivatives or low liquidity in order books, rather than constant, massive accumulation.
Outlook: The $74,000 Support is Key
The recovery from the April 14 low (-$53.61M) shows that buying interest emerges whenever price tests lower zones. Nevertheless, for bitcoin to convincingly target the $80,000 frontier, Spot CVD must break the $83M technical resistance established early this month.
In the short term, the ecosystem remains robust, but volatility is the norm when price rises while net volume stagnates.
Disclaimer: This analysis is strictly educational and does not constitute financial advice. Investing in crypto assets carries high risk.
Communications Professional. Crypto Enthusiast. Economic Journalist. Bitcoiner & Altcoiner.
