Crypto Market Under Pressure: Data Suggests Dim Outlook in Short Term

As the critical week revealing U.S. inflation numbers and Federal Reserve’s interest rate decisions approaches its end, Bitcoin and altcoins continue to endure selling pressure. Coinglass, a crypto data provider, has flagged five data sets that bolster this bearish view, indicating a grim short-term outlook for the crypto market. Looking at the Cryptocurrency Market from a Data Perspective In their recent data evaluation of the cryptocurrency market, Coinglass emphasized a negative market outlook. The first data point the provider warned about is the long/short ratio of the perpetual futures contract BTC/USDT on Binance reaching 3.1118, the highest level seen since 2021. Also, the most active Binance accounts and positions’ long/short ratios are nearing record levels, pointing to another bearish data point. Coinglass highlighted that the open interest weighted funding rate remains neutral. They also drew attention to the “maximum pain price” for BTC options set to expire at the end […] The post Crypto Market Under Pressure: Data Suggests Dim Outlook in Short Term appeared first on COINTURK NEWS.