Crypto: Bitcoin Rebound Hype Fades As Range Highs Crumble: ’s Why BTC Is...

Bitcoin price crumbled back toward its 2026 low as a lack of fresh capital inflows, weak investor sentiment, and rising selling in spot markets chipped away at the $66,000 level.

Bitcoin (BTC) has now retraced for three straight days, slipping below $66,000 during the New York session on Wednesday. The decline came after a failed push above $70,000, as weak buying interest allowed sellers to maintain control.

Onchain data suggest that the pullback is possibly driven by spot-led selling on Binance, while the lack of a Coinbase premium during the US market session signals muted participation from US investors.

The Coinbase premium index signals muted US investor participation at current price levels.

Cumulative volume delta (CVD) continues to trend lower, reflecting a persistent net selling pressure.

Data shows that the 30-day new money flow has flipped negative to about –$2.8 billion.

The Coinbase premium index measures the difference between BTC prices on Coinbase and other exchanges like Binance. A positive premium reflects strong US spot demand.

The indicator continued to exhibit a negative premium this week, suggesting limited engagement from US investors.

Meanwhile, Bitcoin’s cumulative volume delta (CVD) has extended to –$5.7 billion on Binance. The steady series of lower highs in CVD indicates continued market selling pressure rather than accumulation.

Given Binance’s dominant market volumes, the negative delta suggests that spot-driven sell orders may be leading the move lower.

Source: CoinTelegraph