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

However, a key difference in the current market compared to the past is that the BTC CVD indicator on Coinbase is still firmly above the 90-day median line. At the same time, there has been no significant decrease in the 30-day net inflow of Bitcoin spot ETFs, indicating that the US market funds are still supportive. The analyst stated that shorting in the short term is still a high-risk behavior, and the bears will need to wait for bearish sentiment to dominate on Binance, as well as for US investors in the spot market to gradually exit their long positions.