# 盘面解读

Spot CVD keeps falling, yet the price is actually rising.
The first thing you see on the $BTC order book is:
This is a leveraged-driven fake breakout. The spot market isn’t participating at all—something is likely to collapse at any moment.
But order flow can never be read in isolation from its context.
With the same data signal, placed in different market structures, it can point to completely opposite realities.
First, look at the information the chart is giving:
Aggressive sellers in the spot market keep placing sell-limit orders at market price, smashing the tape and driving spot CVD down