Contrary to the prevailing crypto market narrative of a bull market, liquidity movement tells a different story.

What is playing out is a narrative-driven rally where select altcoins from different sectors are seeing capital inflows while the rest of the market ranges or bleeds.

In a typical bull market, Bitcoin [BTC] and a broad set of altcoins see significant and sustained surges. This time around, Bitcoin is down, having failed to hold above the $80,000 level before dropping to $77,000.

AMBCrypto analyzed the factors behind why this does not yet constitute a bull market.

Three range-bound phases reveal a market rotating, not expanding

The crypto market capitalization chart, excluding stablecoins, reveals that the market is…