Bitcoin edged up to about $59,800, but bearish derivatives positioning and heavy long liquidations kept the market outlook fragile. Solana outperformed while most altcoins waited for a clearer direction from bitcoin.
Bitcoin edged up to about $59,800, but bearish derivatives positioning and heavy long liquidations kept the market outlook fragile. Solana outperformed while most altcoins waited for a clearer direction from bitcoin.
The muted recovery comes as bitcoin has lost more than half its value since October’s record high. Broader market structure and chart patterns remained bearish, leaving traders cautious even as Nasdaq 100 and S&P 500 futures advanced.
Bitcoin remained below $60,000 on Monday despite gaining 0.6% since midnight UTC to roughly $59,800. Ether traded below $1,600, while solana rose 2% and extended its gain since Thursday to more than 13%.
The muted recovery comes as bitcoin has lost more than half its value since October’s record high. Broader market structure and chart patterns remained bearish, leaving traders cautious even as Nasdaq 100 and S&P 500 futures advanced.
More than $200 million in crypto futures positions were liquidated over the previous 24 hours, with long positions accounting for most of the total. Bitcoin and ether futures open interest returned to ranges seen earlier in June, indicating reduced appetite for leveraged risk.
Options markets also showed demand for downside protection. Bitcoin puts at the $60,000 strike carried nearly $1 billion in notional open interest on Deribit, while the next major cluster below that level stood at $50,000. Bitcoin’s 30-day implied volatility index nevertheless fell 5% to 47%, suggesting some traders expect calmer conditions.
Altcoins were largely steady as participants awaited bitcoin’s next move. CoinMarketCap’s Altcoin Season indicator remained at 49 out of 100, while derivatives data showed sellers leading price action across most of the 25 largest tokens. Solana’s elevated open interest pointed to possible volatility, while declining leverage in AVAX raised questions about the durability of its recent gains.
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