Since the Terra (LUNA) collapse in May, the cryptocurrency market has not truly seen a bull rise because the currencies have been fluctuating to a considerable extent. This is due to the fact that the Terra (LUNA) collapse occurred. Bitcoin hit a low point of approximately $17,749 in June and has not been able to recover; the price is currently maintaining a range between $20,000 and $21,000.

Bitcoin's price has decreased by 0.95% in the last twenty-four hours, bringing it down to $19,895 as of the time this article was written. After reaching $20,300, the primary currency then fell below that significant level, and since then, it has been trading in the region of $19,000 to $20,000.

Even the market indicators are not pointing towards a favorable movement in price, which is an important aspect to keep in mind. There is a consensus amongst the technical indicators that the cryptocurrency market will most likely remain in a bearish cycle for an extended period of time.

Cryptocurrencies Amid Bearish Pressure

Experts in the sector are of the opinion that the cryptocurrency market is currently studying the base cost, which suggests that bears are currently in control of the market area.

According to the analytical platform Crypto Quant, the general cryptocurrency market is bearish, and there is no confirmation of a breakout for the bulls to mark a valid entry in the market. This is additionally supported by the Market Value by the Realized Value (MVRV).

After examining the production profit ratio, we have arrived at this conclusion. This indicator's primary function is to examine the costs incurred on-chain and determine if the transaction resulted in a profit or a loss, in addition to tracking the movement of the price.

However, Ethereum's options market is witnessing significant activity with growing open interest, but Bitcoin's market is seeing a weekly decline of 4.05% virtually every single week. The most recent statistics show that the open interest in ETH options was at $8.20 billion, which is much greater than the open interest in Bitcoin, which was at $5.40 billion at the time.