Cryptocurrency analytics firm MarktQuant has provided a comprehensive breakdown of the current state of the crypto market in its latest market report, focusing on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

The analysis reveals key market dynamics, particularly regarding Bitcoin’s price action and overall market sentiment.

Bitcoin is currently trading around $62,697, having shown resistance since its recent drop from $59,900. BTC has held onto its gains and is consolidating at this high, which is a promising sign of strength.

One notable metric in the report is the increase in total open interest, which rose to $19.2 billion. This suggests increased market participation as larger players potentially create new positions, analysts say. Higher open interest is typically associated with a more volatile market and indicates the potential for more price movement.

• Spot Market CVD: Bitcoin’s cumulative volume delta in the spot market is positive at +577, indicating renewed buying interest. This increase in spot demand typically signals an underlying bullish sentiment among investors.
• Futures CVD: In contrast, the futures market is showing some signs of caution. The CVD for futures is slightly negative at -1.361K, indicating moderate selling pressure, although less severe than earlier in the market cycle.
• Stablecoin-Margined Futures CVD: The stablecoin-margined futures segment is experiencing more pronounced selling pressure with a CVD of -2.156K, further highlighting the mixed market conditions across different futures markets.

MarktQuant’s report suggests that while Bitcoin is showing potential bullish momentum with rising open interest and positive spot market CVD, negative forward CVD suggests caution. The mix of signals means traders should closely monitor market sentiment for potential shifts.

Bitcoin is leading the market in terms of strength with its valuation rising to -0.08 and the trend is solidly long. Confidence in Bitcoin’s recovery positions it ahead of other major assets.

Ethereum continues to lag behind Bitcoin with a valuation of -0.62. Despite a slight uptick, the asset’s trend remains weak as it struggles to gain the momentum needed for a significant move. ETH is approaching oversold levels, but has shown limited signs of recovery so far.

Solana, on the other hand, is starting to show early signs of recovery. Its valuation has risen to -0.34 and while it is not yet ready for a long position, it is a key asset to watch. If it continues to gain momentum, Solana could see a reversal in trend, analysts say

*This is not investment advice.