Spot CVD chart as of 9:00 a.m. on July 24

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 shows 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 makes a large move. Areas closer to brighter colors may act as support or resistance. - The cumulative volume delta, or CVD, indicates buy and sell orders by capital size. As buy orders increase, the line in the corresponding color moves higher. The yellow line represents orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.