Recent data analysis reveals a pattern of divergence between Bitcoin's price movements and its Coinbase (CB) BTC spot Cumulative Volume Delta (CVD) over the past two weeks. Notably, on days when the CVD was up, Bitcoin prices still declined, coinciding with positive movements in the S&P 500 (SPX).
This trend suggests that despite an increase in buying pressure indicated by a rising CVD, there are significant selling forces impacting Bitcoin's price. The consistent downward pressure on Bitcoin, even when CVD is positive, indicates that dominant sellers are influencing the market, potentially leading to further price declines unless these sellers deplete their holdings.
Bitcoin Faces Downward Pressure Despite Positive CVD Trends
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