Since May, following the collapse of Terra (LUNA), the crypto market hasn’t really seen a bull rally as currencies are largely volatile. Bitcoin hit a low of around $17,749 in June and is yet to recover; The price is now hovering around $20,000.
At the time of publication, bitcoin is selling at $19,895 after a 0.95% drop over the past 24 hours. After gaining $20,300, the major currency lost that key level and is hovering between the $19,000 – $20,000 range.
It is important to note that even the market indicators are not pointing to a positive price movement. Technical indicators indicate that the current bear cycle in the crypto market is likely to continue for a long time.
Crypto under bearish pressure
Industry experts are of the opinion that the crypto market is currently analyzing the base cost, which indicates that bears are dominating the territory.
Analytical platform, CryptoQuant, claims that the overall crypto market is bearish and there is no confirmation of a bull breakout to mark a valid entry. This is also confirmed by the Market Value by Realized Value (MVRV).
This prediction has been made after auditing the output profit ratio. This indicator is mainly used to analyze on-chain expenses and know whether it is profit or loss, as well as price movement.
Bitcoin is seeing a drop of 4.05% almost every week, however, Ethereum’s options market is experiencing great activity with open interest. According to the latest figures, the open interest in ETH options stood at $8.20 billion – significantly higher than that of Bitcoin, as BTC stood at $5.40 billion.