Bitcoin Reclaims $69K in Sharp Impulsive Move — But Volume and Conviction Still Lagging!

Bitcoin broke out of a compression range this week, reclaiming $69,000 after consolidating above $65,000, with momentum accelerating into the close of the period. Spot CVD flipped firmly positive and RSI rebounded strongly — early signs that buyer aggression is returning. The caveat: exchange volume declined, meaning participation remains relatively light and the recovery is constructive but not yet fully confirmed.

Derivatives positioning has reset in a healthier direction — open interest eased, long-side funding cooled, and perpetual CVD reversed sharply, signalling renewed directional conviction without the leverage overhang. Options markets tell a more cautious story: implied volatility has moved back above realised vol and 25-delta skew pushed toward the top of its recent range, reflecting firmer demand for downside protection even as price climbs.

ETF flows are stabilising — net…