Despite the rising DEX-to-CEX ratio, centralized exchanges still lead in the crypto spot market, posting $3.9 trillion in trading volume, compared to $877 billion for DEXs.

DEX-to-CEX ratio hits new high as crypto traders flee centralization

Bitcoin&#8217;s price action has turned somewhat sluggish after its unprecedented 
climb to a new all-time high of $122,838 on July 14. The rapid push to that 
level was preceded by a week of frenzied trading and heavy inflows, with BTC 
breaking through multiple resistance zones in quick succession. However, once 
that peak was hit, a series of volatile intraday movements followed to give a 
pullback to $116,000 and Bitcoin is now back to trading between the $117,000 
and $118,500 price zone. Related Reading: If You’re Wealthy, 1 Bitcoin Should 
Already Be In Your Wallet, Expert Says A notable bearish call came from crypto 
analyst Melikatrader94, who posted a technical breakdown on the TradingView 
platform that might send Bitcoin down to $113,000. QML Zone Rejection Points 
To Downtrend Toward $113,600 According to the hourly candlestick chart shared 
by Melikatrader94, Bitcoin is currently exhibiting a Quasimodo Level (QML) 
structure. The Quasimodo Level (QML) structure is characterized by three peaks 
in a bearish scenario or three troughs in a bullish scenario, with the middle 
one being the most prominent, identifying the price. The post predicted that 
Bitcoin&#8217;s entry into the $119,000–$121,000 zone would draw sellers, and this 
was indeed the case. The quick rejection after its all-time high confirms a 
bearish shift in structure, and now the momentum is tilted to the downside. 
This rejection came after a significant price move that engulfed a previous 
structural support level. “BTC rejected from QML zone and the selloff confirms 
bears are active,” the analyst noted. The bearish outlook remains valid as 
long as Bitcoin stays below the QML zone, with the next critical support level 
situated at $113,600. This area could serve as a potential point for either a 
bounce or short-term consolidation if the price continues downward. However, a 
pullback is likely to occur around $116,000 before Bitcoin falls to $113,600. 
Altcoins Under Threat As BTC Price Weakens The potential Bitcoin crash to the 
$113,000 region could have serious implications for many altcoins that are 
already starting to post massive gains. However, these altcoins, which often 
follow Bitcoin’s lead, are already showing signs of nervousness as BTC 
struggles to maintain upward momentum. Among the notable movers, XRP finally 
broke its eight-year-old resistance to hit a new all-time high of $3.65. 
However, the rally appears to be stalling, with the token now showing early 
signs of a correction around the $3.45 zone. Ethereum, which also surged on 
the back of Bitcoin’s push to $122,000, climbed above $3,600 for the first 
time in months but has since settled into a consolidation phase just below 
$3,500. Related Reading: Whales? No, Newbies: Surge In New BTC Holders Fuels 
Market Rally—Study Should the leading cryptocurrency break below $116,000 in 
the coming days, it may cause a cascade of outflows from altcoins and lead to 
increased selling pressure across the board. However, we could see these major 
altcoins finally detach from Bitcoin&#8217;s movement. This would lead to an altcoin 
season where major altcoins outperform Bitcoin for some time. Featured image 
from Pixabay, chart from TradingView

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