Open interest on Binance (yellow line above) has increased significantly since mid June, while open interest on CME (blue line above) has stagnated. An over-heating retail derivative market along with a weakening institutional derivative market often leads to price declines for bitcoin.
Liquidity issues continue and long-term holders are still selling in losses. With the U.S. Dollar Index at all time high, the rising opportunity costs lower the chance of entering a cyclical bull market. Furthermore, bitcoin has retested the 17-18k support from June many times now. Without signs of strength, the more times this level gets tested, the more likely it’s going to break.