April 23, 2024

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A senior analyst issues an alert on Bitcoin, says BTC is flashing a bearish signal under the hood

A senior analyst issues an alert on Bitcoin, says BTC is flashing a bearish signal under the hood

Renowned cryptocurrency analyst Nicholas Mertin says he is “not very confident” that Bitcoin (BTC) can hold a higher price range than it currently is.

In a new video on YouTube Merten Tells His 511,000 subscribers who may not ever be “squeezed by bitcoin.”

“There are two reasons for that that we need to understand. First, the risk indicators here, such as ETH to BTC, suggest that altcoins like Ethereum are underperforming against Bitcoin. This is really the first sign of a strong trend here towards Bitcoin rather than the broader crypto space. So This optimism has not yet materialized.

But to be completely fair, that’s kind of typical of most bull markets. So this to me isn’t really the biggest worrying sign yet. The biggest one is that we’re really starting to see, after just two weeks of positive cumulative market volume delta, or market order flow, where there’s more buy-side pressure when it comes to market orders than there’s more sell-side market demand pressure…

Well, we can see that just two weeks later, after several months of exposure to red sell-side pressure…we finally had a bullish two weeks on cumulative volume delta, and now, again, we’re seeing a downtrend at minus 3200 on cumulative volume delta.”

Cumulative Volume Delta (CVD) measures cumulative changes in trading volume by selling aggressors versus buying aggressors, according to the trading platform. Bookmap.

Bitcoin is worth $27,252 at the time of writing. The top-rated cryptocurrency asset by market cap is up 2% over the past 24 hours.

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