Bitcoin rises
Bitcoin traded near $66,000 after rising as much as 3.7% during overnight trading. The price later gave up some gains but remained higher compared to earlier levels. For the past three weeks, Bitcoin has largely stayed within the same range, showing stability but no clear breakout. The broader crypto market also moved higher. Solana and Cardano each gained about 4.5%. Smaller tokens saw sharper increases. VIRTUAL rose more than 15% in intraday trade. ETHFI climbed over 10% after its chief executive, Mike Silagadze, hinted at a possible stablecoin launch. MORPHO extended its recent rally with another strong daily gain. However, tokens like Toncoin and PIPPIN slipped into negative territory.
Derivatives market
Activity in the derivatives market also increased. Total crypto futures open interest rose 1.5% to $93.5 billion. Analysts say most of this rise came from higher spot prices, not from large new investments. At the same time, open interest in gold-backed Tether Gold futures fell 12%.
Volatility and options data
Bitcoin’s 30-day implied volatility fell to 56% after touching 65% earlier this week. Ether showed a similar pattern. Still, caution remains in the options market. On Deribit, the $60,000 Bitcoin put option is the most traded contract. Bearish options on both Bitcoin and Ether remain more expensive than bullish call options. Technical indicators also suggest that the market may enter a consolidation phase. The average crypto relative strength index has moved from oversold levels to neutral territory. An altcoin season indicator has reached its highest level since early January, pointing to wider participation in the rally.
