Opening / closing price question

I have a question about something that I’ve just started noticing the past few days. I’m a noob and I use Coinbase Pro for my crypto transactions and for tracking crypto prices. I clearly have many things to learn about the markets and how they work, etc. but it appears to me as though the opening prices of various segments are being manipulated slightly…. When referring to time segments / prices (whether you’re looking at a chart of 5-minute segments or 1-hour segments) shouldn’t the opening price of a segment ALWAYS be equal to the closing price of the previous segment since the crypto markets never close? Shouldn’t transactions either be in one segment or the other and not in some black hole space of time? It’s not like the stock markets that have any opening and closing bell and after-hours trading.
It almost seems like a way to manipulate the direction of a segment. For example, if the closing price of one segment is 34905.56 but the opening price of the next segment is listed as 34902.97 the candle would start out as green (or whatever the positive chart color is on a given chart) even if the actual price stays the same as the previous segment’s closing price. (This would be because the current price would then be above the lowered opening price.) It gives the appearance that the segment is going to trend up in this case because the candle turns green right off. Obviously directions can reverse in an instant, but sometimes a little starting momentum can set the trend for a segment.
This difference in closing-to-opening price also slightly changes the percentage of gain / loss of the segment, since that is calculated by the change between opening and closing price.
The differences aren’t huge by any means, but I’m just a little baffled about why this happens. I’m looking forward to the explanation by anyone in the know.

What do you think?

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  2. My guess is that the the closing price is the last trade before the mark and that opening price is the first trade after the mark. Thus, they are likely to be different prices.

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