A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.

This time, the move wasn’t driven by Bitcoin BTC$ 26,138, as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB  BNB$ 237, Cardano ADA$ 0.282, Solana SOL$ 15 Polygon MATIC$ 0.6450 and Polkadot DOT$ 4.63.

Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls.

The United States Securities and Exchange Commission tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase.

Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside.

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