According to CryptoQuant analyst Axel Adler Jr., the Bitcoin Futures Liquidity Index indicates the market remains in a weak zone (<45). Bulls attempted to regain market control twice on October 13 and October 20, but both attempts failed. While the first attempt appeared strong, it quickly lost momentum, while the second attempt lacked sustained momentum.

The current price is still below the 30-day fair value, futures liquidity is weak, and buyer initiative has significantly weakened, indicating that the market bulls are already tired.