Bitcoin is global, but the way people on Twitter talk, they think it's an American only thing, like Tesla shares. "Wall Street is buying, why isn't the price moving?"

But places like Russia, Iran etc are using bitcoin to acquire dollars.

Say you are a Russian broker selling wheat to Asia. They can't use normal payment systems, so they accept payment in bitcoin. This is sent to a broker in London who converts bitcoin to dollars for their client, and then uses those dollars to buy car spare parts in Indonesia to be delivered directly to the Russian broker. The broker then sells them locally

There is a lot of bitcoin mining in Asia and the coins are used to buy goods from Russia and Iran, who then sell the coins. Hence selling pressure.