Since May, post the Terra (LUNA) collapse, the crypto market hasn’t really witnessed a bull rally as the currencies have been fluctuating to a large extent. Bitcoin bottomed around $17,749 in June and hasn’t yet been able to recover; the price continues to hover around $20,000 now.
At the time of publication, Bitcoin is selling at $19,895 after a drop of 0.95% over the last 24hrs. After attaining $20,300, the flagship currency lost that key level and it has been hovering between the $19,000-$20,000 range.
It’s important to note that even the market indicators are not pointing towards a positive price movement. Technical indicators hint that the crypto market is most likely to continue the current bear cycle for a long while.
Crypto Under Bearish Pressure
Industry experts are of the opinion that the crypto market is currently analyzing the base cost, which indicates that the bears are dominating the space.
The analytic platform, Crypto Quant, claims that the overall crypto market is bearish and there is no confirmation of a breakout for the bulls to mark a valid entry. This is also confirmed by Market Value by Realized Value (MVRV).
This prediction is made after auditing the output profit ratio. This indicator is mainly used to analyze the expenses on-chain and know whether it is a profit or loss, as well as the price movement.
Bitcoin is seeing a downfall of 4.05% almost every week, however, Ethereum’s options market is experiencing huge activity with increased open interest. According to the latest stats, the open interest in ETH options was at $8.20 billion- significantly higher than that of Bitcoin, as BTC was at $5.40 billion.