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As the critical week revealing U.S. inflation numbers and Federal Reserve&#8217;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. 
<h2 style="text-align: justify;" id="looking-at-the-cryptocurrency-market-from-a-data-perspective">Looking at the Cryptocurrency Market from a Data Perspective</h2>
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 <a href="https://en.coin-turk.com/short-term-bitcoin-investors-start-profitable-trading-an-insight-into-on-chain-data/" data-wpel-link="internal">BTC</a>/USDT on Binance reaching 3.1118, the highest level seen since 2021. Also, the most active Binance accounts and positions&#8217; 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 &#8220;maximum pain price&#8221; for BTC options set to expire at the end of the month, which stands at the $24,000 level. The data perspective suggests that optimism about the market&#8217;s short-term future is currently impractical. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84538 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-9.png" alt="" width="1382" height="900" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-9.png 1382w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-9-261x170.png 261w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-9-768x500.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/crypto-9-1200x781.png 1200w" sizes="(max-width: 1382px) 100vw, 1382px" />
<h2 style="text-align: justify;" id="latest-situation-in-bitcoin-and-altcoins">Latest Situation in Bitcoin and Altcoins</h2>
Looking at the latest state of Bitcoin and altcoins, Bitcoin, the largest cryptocurrency by market cap, is trading below $25,000 at $24,978, down 3.34% in the last 24 hours, according to data provided by crypto data platform CoinMarketCap. Market analysts have been focusing on the fact that if BTC remains below $25,000, it could further exacerbate the price drop. 
On the other hand, the altcoin market is faring much worse compared to Bitcoin. Ethereum (<a href="https://en.coin-turk.com/altcoin-disposal-alert-recent-transactions-by-founder-and-foundation-provoke-astonishment/" data-wpel-link="internal">ETH</a>), the largest altcoin, is priced at $1,641, down 5.62% in the last 24 hours. Many altcoins, including Toncoin (TON), Arbitrum (ARB), Litecoin (LTC), among the top 50 by market cap, have seen double-digit declines over the past 24 hours. 
The post <a rel="nofollow" href="https://en.coin-turk.com/crypto-market-under-pressure-data-suggests-dim-outlook-in-short-term/" data-wpel-link="internal">Crypto Market Under Pressure: Data Suggests Dim Outlook in Short Term</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

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

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