Despite the crypto bull market being expected, technical indicators show that the downtrend is continuing. The crypto markets are currently experiencing continued downward momentum while they wait for a bull run. Technical indicators suggest that a turnaround is not imminent. During the bear market of 2000, long periods of realization below base cost prevented many companies from regaining profitability. Market analysts state that the bear rally is continuing, as investors are realizing that base costs are much lower than they previously thought.
There are a number of indicators pointing to the onset of a crypto bull market run, but not all indicate it has started. The cryptocurrency markets are currently showing signs of continuing their downtrend, based on technical indicators. In the meantime, we are still waiting for confirmation of a bull run in the near future. BTC has been flirting with $20,000 recently, one of the key breaking points for Bitcoin (BTC).
Crypto Downtrend Continues
According to analysts, the bear rally is still ongoing because the market is realizing the base cost. As of right now, Crypto Quant does not see any indication that the next crypto bull market run will break out. Market Value by Realized Value (MVRV) shows this despite it being in a bottom region.
Although the MVRV indicates a bottom region, we have not yet confirmed that a bull run is underway.
Using the adjusted output profit ratio as a basis for the above conclusion, the conclusion has been reached. On-chain expenses are tracked in profit or loss by this metric. In addition to identifying price trends, this metric can also be used for price comparisons. “Lossmaking patterns during the bear show that profitability struggles to return after long periods of realization below base cost.”
Crypto Bull Market: Price Fluctuations
According to price tracking platform CoinMarketCap, Bitcoin is currently trading at $19,847.32, up 0.19% in the last 24 hours. The price of bitcoin dropped sharply below $20,300 after trading around that range. BTC declined by 4.05% from week to week.
However, Ethereum (ETH)’s options market is experiencing massive open interest, which indicates high activity. As per recent data, the open interest in ETH options was $8.20 billion, significantly more than Bitcoin’s $5.40 billion. In addition, Ethereum open interest reached its highest level ever.
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