Bitcoin Order Flow Divergence Suggests Consolidation Ahead

The Bitcoin spot cumulative volume delta (CVD) chart on Aug. 28 revealed mixed order flow, with buying pressure from mid-sized orders contrasting with selling from larger market participants.

The CVD chart tracks the net difference between buy and sell market orders, along with a volume heatmap that highlights price levels where trading activity has clustered.

Mid-sized buyers were indicated by the yellow line showing a modest upward trend, suggesting that retail and smaller traders were accumulating Bitcoin.

In contrast, the brown line for large institutional-sized orders was flat to slightly declining, indicating that these players were either distributing or holding off on new positions.