Doped IrTe2 is considered a platform for topological superconductivity and therefore receives currently a lot of interest. In addition, the superconductivity in these materials exists in close vicinity of electronic valence bond crystals, which we explore here by means of high-pressure single crystal x-ray diffraction in combination with density functional theory. Our crystallographic refinements provide unprecedented information about the structural evolution as a function of applied pressure up to 42 GPa. Using this structural information for density functional theory calculations, we show that the valence bond formation in IrTe2 is driven by changes in the Ir-Te-Ir bond angle. When a valence bond is formed, this bond angle decreases drastically, leading to a stabilization of local valence bonds large enough to push them out of a broad band continuum. This unusual local mechanism of valence bond formation in an itinerant material provides a natural explanation for the different valence bond orders in IrTe2, implies a very strong electron-phonon coupling and is most likely relevant for the superconductivity as well.