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Bitcoin rebounds from key support as traders eye renewed push toward $80,000
BTC climbs after holding at the $75,600 support level while derivatives signal de-risking, and speculative flows build in memecoins ahead of tech earnings.
Apr 29, 2026, 10:48 a.m.
What to know:
- Bitcoin bounced to $77,700 after reclaiming $75,600 as a support price, strengthening the case for another attempt to breach $80,000.
- Futures open interest continues to decline, signaling further de-risking, while options markets still show elevated demand for downside protection.
- Memecoins surged with strong inflows into DOGE and SHIB, suggesting rising speculative activity that can precede broader market pullbacks.
Ether (ETH) is at $2,344, and its chart is showing more bearish signals than bitcoin’s, having made a series of lower highs since April 17.
The broader market is higher, as U.S. investors anticipate a slew of tech company earnings. Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN) and Meta (META) are all due to report after the closing bell on Wednesday.
Nasdaq 100 futures are up by 0.25% in pre-market trading.
Derivatives positioning
- Bitcoin futures open interest (OI) fell to 715.60K BTC, the lowest since April 9 and notably below the monthly high of 800K BTC. The decline shows steady de-risking as the spot price rally slows near $80,000, and some analysts point to potential for a continued bear market.
- OI has largely held steady across ETH, SOL, and XRP over the past 24 hours.
- Traders, meanwhile, continue to deploy capital in DOGE futures, lifting the OI by 18% in a single day to 16.06 billion tokens, the highest since Oct. 10.
- With perpetual funding rates steady at around an annualized 4% and the highest OI-adjusted cumulative volume delta among majors, the DOGE activity appears to be driven more by fresh directional positioning than overheated leverage, pointing to sustained bullish interest rather than a crowded, fragile trade.
- The Binance-listed SHIB futures are flashing a similar bullish setup. Rising activity in these non-serious tokens suggests a build-up of speculative froth, a pattern often seen ahead of broader market pullbacks.
- The market for crude oil futures listed on Binance is also heating up, with open interest up 27% as prices top $100, presenting a headwind for risk assets, including cryptocurrencies.
- The slide in bitcoin’s 30-day implied volatility index, BVIV, continues, and it’s now probing three-month lows below 42%. It shows the market has become desensitized to macro risks such as an Iran war and elevated oil prices. The ether volatility index, EVIV, is displaying similar trends.
- The story in the Deribit-listed options market remains the same: Puts for both BTC and ETH remain pricier than calls, indicating downside concerns. These reservations are more pronounced in bitcoin than ether.
