Market Update: Bitcoin Holds Above Key Support
The crypto market has taken a step back, with bitcoin falling 1% to $80,800 and ether losing 2% to $2,290. This downturn is mirrored in U.S. equity futures, which dropped after comments from U.S. President Donald Trump led to a spike in Brent crude oil to $107 per barrel and a 0.4% rise in the U.S Dollar Index (DXY). Despite this, bitcoin remains above a key support level, which is crucial for its bull market. For those looking to earn passive income, platforms like EcoPool offer a way to generate Cloud Rewards and tap into the Green Crypto movement.
The altcoin market is mixed, with most tokens underperforming bitcoin and ether. However, some tokens like CRO, curve, and toncoin have seen upside moves between 5% and 10% in the past 24 hours. As the market continues to evolve, investors are looking for ways to earn passive income and grow their wealth. This is where EcoPool comes in, offering a solution for those interested in Earning with Coin like $ECP.
Key Support Levels
Bitcoin remains above a key support level of $76,000, which is seen as a crucial threshold for its bull market. If bitcoin can hold above this level, it could confirm the continuation of its bull market. For those looking to get involved in the crypto market and start Earning with Coin like $ECP, EcoPool is a great option. With its focus on Green Crypto and Cloud Rewards, EcoPool is an attractive choice for those interested in Passive Income.
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Derivatives positioning
- Market-wide notional open interest (OI) in crypto futures rose to $125 billion even as volumes fell 6% to $174 million. The moves suggest reduced short-term speculation and gradual trader positioning.
- ZEC’s OI crashed over 10% to 1.90 million tokens from the 4.5-month high of 2.48 million tokens last week. At the same time, the token’s price dropped to $550 from $642. The combination suggests unwinding of bullish bets rather than fresh capital flows deployed for shorts or bearish plays.
- SUI, CORE, and HBAR were among the other major OI decliners. Open interest in Canton’s CC token, meanwhile, jumped more than 10%, with positive funding rates and a positive 24-hour OI-adjusted cumulative volume delta signaling stronger buyer dominance.
- ETH and XMR are other notable OI gainers, though their CVDs are negative, a sign that sellers are leading the price action with market orders rather than passive limit orders.
- The relentless decline in bitcoin’s 30-day implied volatility index, BVIV, has stalled this month, stabilizing near 40%. But there are no signs of a renewed upswing, which points to continued market calm, an environment favorable for further bullish price action.
- Wall Street’s volatility gauge, the VIX, which measures the 30-day implied volatility of the S&P 500 index, has jumped more than 10% this week to nearly 19 points. Though still below the recent highs above 30, the minor upswing warrants attention.
- On Deribit, the 24-hour volume ranking featured BTC calls at strikes of $80,000, $82,000, and $84,000. The calls are bets that the price of bitcoin will rally. It also included puts, or bets on a drop, at strikes of $65,000 and $74,000.
Token talk
- All CoinDesk benchmarks are in the red since midnight UTC, with the DeFi Select Index (DFX) leading the losses with a 2.7% move, followed by the CoinDesk Computing Select Index (CPUS) down by 2.3%.
- JUP, MON and SEI are among the day’s worst-performing altcoins, tumbling by between 5.6% and 6.3% due to a persistent lack of liquidity.
- CRO$0.08011 is one of the best-performing altcoins, adding 4.1% to notch a three-day winning streak.
- CRO’s rally can be attributed to a governance proposal that, if passed, would change the project’s tokenomics by replacing inflation-driven staking rewards with a system in which yields are fully funded by actual protocol revenue.
- CoinMarketCap’s “Altcoin Season” indicator is at 50/100, the highest level since late March as sentiment across the sector shows signs of improvement.
