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▲ Bitcoin (BTC), Dollar (USD) ©
Bitcoin (BTC) has recovered to the $61,000 level, buoyed by easing concerns about a US benchmark interest rate hike, while Ethereum (ETH) and major altcoins have also risen, indicating a gradual improvement in investor sentiment in the cryptocurrency market. However, the overall market trend has not yet escaped its bearish phase, and analysis suggests that breaking key resistance levels will be necessary for further gains.
According to CoinDesk, a cryptocurrency media outlet, on July 3 (local time), Bitcoin traded around $61,600, rebounding approximately 6.5% after falling to a 21-month low of $57,750 earlier this week. Weak US employment figures lowered the likelihood of a Federal Reserve (Fed) benchmark interest rate hike, which led to improved investor sentiment. Ethereum also rose for three consecutive trading days, accumulating an 11.5% gain this week. Cardano (ADA), Zcash (ZEC), and Dash (DASH) also rose by 2.2% to 3.1%. However, the outlet noted that most cryptocurrencies are still showing a trend of lower lows and lower highs, assessing the overall market structure as bearish. For Bitcoin to reverse its trend, it needs to recover $67,000 and then surpass $81,000.
In the derivatives market, bullish sentiment expanded. Over the past 24 hours, the total volume of cryptocurrency futures liquidations reached $417 million, with Ethereum accounting for the largest share at $160.8 million, surpassing Bitcoin's $97 million. Ethereum futures open interest hit a high of 14.31 million ETH since June 10, and the annualized funding rate also rose to about 10%. This indicates an increase in investors' bullish bets, the outlet explained. Dogecoin (DOGE) futures open interest also reached a high of 14.13 billion DOGE since May 16, showing a revival in leverage demand. In contrast, Hedera (HBAR) and Zcash showed a strengthening selling trend.
Across the broader market, signs of buying dominance were also observed. The 24-hour cumulative volume delta (CVD) for most cryptocurrencies was positive, and the 30-day implied volatility index for Bitcoin and Ethereum declined, reversing the surge seen in June. In the options market, Bitcoin call options between $60,000 and $70,000 were the most actively traded, while Ethereum saw concentrated trading in $2,500 call options. Additionally, some large investors reportedly structured option strategies anticipating Bitcoin to move within the $66,000-$68,000 range by July 17.
Among altcoins, Uniswap (UNI) showed the strongest upward momentum. Uniswap rose over 11% in 24 hours following the announcement of its selection as the core automated market maker (AMM) for Robinhood's Layer 2 blockchain, and its daily trading volume nearly doubled to $320 million. Artificial intelligence (AI)-related tokens such as Fetch.ai (FET), Render (RENDER), and Bitget (TAO) also rose by 1.5% to 2.3%. CoinMarketCap's Altcoin Season Index remained in the neutral zone at 46, and Solana (SOL) recorded the strongest gain among major cryptocurrencies, rising over 17% in the past week.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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