Spot CVD chart at 12:00 a.m. UTC on July 21

Spot CVD is an order-book analysis chart for the BTC/USDT spot trading pair. The upper panel shows the Volume Heatmap, while the lower panel represents cumulative volume delta, or CVD. - The Volume Heatmap tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or moves sharply. Areas closer to brighter colors may act as support or resistance. - The cumulative volume delta, or CVD, indicates buy and sell orders by order size. As buy orders increase, the corresponding colored line rises. The yellow line represents orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.