The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6.
More recently, in the early hours of May 6, the OKX Tether premium flipped to -1% negative.
Data indicates slightly higher demand from longs , but nothing that would force traders to close their positions.
Signs of weak retail demand as indicated by OKX Tether data and the negative funding rate on altcoins are a signal that traders are unwilling to buy at the critical $1.65 trillion crypto market capitalization.