Top Analyst Issues Bitcoin Alert, Says BTC Flashes Bearish Signal Under Hood
Popular cryptoanalyst Nicholas Merten says that he is not so sure that Bitcoin (BTC) can sustain in a higher price range than it is now.
In a new YouTube video, Merten tells his 511,000 subscribers that Bitcoin may not even be “pushing higher” at all.
“There are a couple of reasons for this that we need to understand. First, the risk indicators here, like ETH to BTC, signal that altcoins like Ethereum are underperforming against Bitcoin. This is already the first telltale sign that there is a strong direction here against Bitcoin in rather than the broader crypto space. So that optimism hasn’t kicked in yet.
But to be perfectly fair, that’s a bit typical of most bull markets. So for me this isn̵[ads1]7;t really the biggest concerning sign so far. The biggest one is that we are already starting to see, after just two weeks of market positive cumulative volume delta, or market order flow, where there is more pressure on the buy side in terms of market orders than market orders on the sell side. pressure…
Well, we can see that just after two weeks, after several months of red pressure on the sell side… We finally had two weeks of upward cumulative volume delta, and now, once again, we’re seeing a downtrend of minus 3200 on cumulative volume participate.”
Cumulative volume delta (CVD) measures cumulative changes in the volume traded by sell aggressors versus buy aggressors, according to trading platform Bookmap.
Bitcoin is worth $27,252 at the time of writing. The top-ranked crypto asset by market capitalization has risen 2% in the past 24 hours.
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