Bitcoin is moving toward a level that is considered a bear market low by one of crypto’s largest trading desks. On the other hand, the data underlying the price tell a completely different story. According to Wintermute’s OTC trading desk note shared with CoinDesk on June 24, Bitcoin and Ether are sliding toward the lower end of their recent trading ranges. The desk’s options pricing gives Bitcoin a $61,242 to $63,563 range (1.9%) and Ethereum a $1,606 to $1,694 range (2.7%) for the next 24 hours. Wintermute also quoted $59,000 as the key level to watch if current pressure continues, signaling it as the bear market low.