3 Key Metrics Suggest Bitcoin and the Broader Crypto Market Need to Fall Further

Traders aren't as fearful as they were in June, but multiple metrics show the market is still holding on to very low support levels. The total crypto market capitalization has fluctuated within a 17% range in the $840 billion to $980 billion area over the past 28 days. Price movement is relatively tight given the extreme uncertainties surrounding recent market sell-off catalysts and the controversy surrounding Three Arrows Capital.

Total Crypto Market Cap, in Billions of dollars. Source: TradingView

From July 4-11, Bitcoin (BTC) gained a modest 1.8% while the price of Ether (ETH) held steady. More importantly, the total crypto market has fallen 50% in just three months, meaning traders are giving higher odds of the descending triangle formation breaking below its $840 billion support. /p>

#Bitcoin Bottom Scenario:

Since #BTC's downtrend from its peak, $BTC has been growing the same descending triangle pattern each time, but each triangle is getting smaller

We could see another triangle breakdown and 400WMA may be at the bottom #Crypto #cryptocurrencies #cryptocurrency https://t.co/BsXBAJHa4P pic.twitter.com/oAQ0IX5XgU

— Aditya Siddhartha Roy❁ (@Adityaroypspk)