Are there signs of a bull market for cryptocurrencies?
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Answer Are there signs of a bull market for cryptocurrencies?
While the crypto market is waiting for the beginning of a bullish wave, not all indicators are pointing to such bullish momentum.
Technical indicators indicate that the cryptocurrency markets continue to maintain the bearish trend, at least for the time being.
Meanwhile, we still don’t see any confirmation break for the next potential rally.
Currently, Bitcoin continues to flirt with the $20,000 area, which is a major breakout point that the analysts’ public has been waiting for.
The downtrend for cryptocurrency continues:
Analysts suggest that the market is currently aware of the underlying cost, which means that the bearish rally continues.Read:179,000 Bitcoins have left trading platforms in the last 30 days…is it time to buy?
According to Crypto Quant, the market is maintaining a bearish trend and there is no confirmation breakout for the next upward wave yet.
Currently, when we look at the Realized Value Index (MVRV), we find that it is in the lower zone.
According to MVRV:
We maintain the downtrend and have yet to get confirmation of the breakout to the next rally, despite being in a bottoming area.
The above conclusion is arrived at based on the assessment of the adjusted production profit ratio.
MVRV is a measure for tracking expenses on the network whether they are in profit or loss.
The scale can also be used to identify price trends.
Looking at the loss, we see that during the period of bears, they are longer periods of realization compared to the period of profitability.
As of the time of writing this article, Bitcoin is trading at $19,800, down 2% in the last 24 hours, according to CoinMarketCap.
After trading around the $20,300 range, Bitcoin dropped sharply below the critical level.Read:Singer “Aikon” reveals the first integrated global city for crypto…and its digital currency will be…
On a weekly basis, Bitcoin is down 2%.
On the other hand, Ethereum witnessed high activity in the options market.
The open interest of Ethereum options was at $8.20 billion, much higher than Bitcoin’s at $5.40 billion, according to recent data.
Not only that, the open interest in Ethereum has been characterized by its high level throughout.
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