Analysis: Bitcoin Minor Downside Signal Emerging, US Market Funds Still Supportive

BlockBeats News, May 12th - Analyst Murphy released a Bitcoin small timeframe short signal analysis. Currently, the CVD on Binance Perpetual Contract (which has rapidly dropped from the April high) has fallen below the 90-day median. This indicates that the market bulls are unwilling to continue chasing the price higher, and the bears have started actively selling to short. The spot CVD has also begun to "peak and turn downwards," historically, after this indicator turns, the price tends to follow with a pullback, similar to November 2024 and April 2025.

However, the key difference in the current market compared to the past is that the BTC CVD indicator on Coinbase is still steadily above the 90-day median line. At the same time, there has been no significant decrease in the 30-day net buying of Bitcoin spot ETF, and the U.S. market funds are still supportive. The analyst stated that shorting in the short term remains a high-risk move, and the bears still need to wait for the emergence of bearish sentiment on Binance and for U.S. investors in the spot market to gradually exit their long positions.