As bitcoin, altcoin prices gain, derivatives signa
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Bitcoin $BTC$64,156.16 has risen 1.4% since midnight UTC, catching a tailwind as hopes for an Iran-U.S. deal sent oil prices lower. The move provided a lift to major altcoins, with ether ($ETH) adding 2.4% and solana ($SOL) and BNB advancing about 1.5%. $XRP lagged with a 0.7% gain.
Despite the green shoots among the majors, the broader market has yet to follow suit. The CoinDesk 20 Index (CD20) remains slightly lower over 24 hours. Still, smaller outliers like DEXE and BEAT jumped of 8% and 5%.
Monday's bounce, however, is being met with heavy skepticism from some analysts, particularly when comparing bitcoin's price with its simple moving average (SMA).
"$BTC has clawed back to $64K but nothing behind it. The 200-week SMA near $62.2K held the weekend dips, and that line with the $60K shelf is what separates a base from a deeper leg, while $66K to $68K caps the upside," analysts at Marx said in an email.
"We buy near the 200 week and sell into resistance, we do not chase the middle," they added.
This cautious stance is echoed by other chart analysts, who warn that bitcoin’s daily chart is currently carving out an "ominous bear flag." If that pattern breaks to the downside, one analyst warned the next stop could be $54,000.
Bitcoin's 24-hour volume jumped 30% to $129.9 billion. Open interest (OI) held steady around $108 billion. Liquidations rose 41% to $212 million, with longs accounting for $118.4 million of the amount.
$BTC futures positioning has lightened notably since open interest peaked at 801K $BTC on June 4. It now stands at 722K $BTC, down slightly from Sunday. Ether OI shows the same pattern.
$XRP is the outlier. OI in the fourth-largest non-stablecoin token by market cap jumped to 2.35 billion tokens, the most since the October crash. Funding rates are marginally positive at around 4%, a combination that points
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