Bitcoin holds steady after Sunday’s rally, though full-fledged reversal may take longer

Bitcoin is holding above $63,000 after rallying on Sunday. The price is now hovering near a key 200-week moving average that often marks major cycle turning points.

Melinda 5 days ago 5 minutes read

Share this article

Bitcoin holds steady after Sunday’s rally, though full-fledged reversal may take longer

Bitcoin is holding above $63,000 after rallying on Sunday. The price is now hovering near a key 200-week moving average that often marks major cycle turning points.

By Omkar Godbole, Shaurya Malwa|Edited by Sheldon Reback

Jun 8, 2026, 11:00 a.m. 4 min read

Make preferred on

Bitcoin symbol alongside a rising chart. — (Midjourney/Modified by CoinDesk)

What to know:

Bitcoin is holding above $63,000 after a Sunday rally tied to Michael Saylor’s renewed buying signal.
The price is now hovering near the key 200-week moving average that often marks major cycle turning points.
Market stress is easing as implied volatility retreats and speculative call options dominate bitcoin options trading, but note the fragile sentiment, dealer gamma dynamics around $60,000.

The broader market recovery hinges on what bitcoin does next. It is currently trading near its 200-week simple moving average, a level that has historically acted as a long-term support and a key battleground between bulls and bears at major cycle turning points.

“The sentiment index plummeted to 8, once again showing single-digit values on Monday, following a two-month hiatus and failed attempts to consolidate in positive territory. Judging by the dynamics near Bitcoin’s 200-week moving average and the sentiment index, the situation resembles mid-2022,” Alex Kuptsikevich, the chief market analyst at FxPro said in an email.

Derivatives positioning

Bitcoin’s futures open interest collapsed to 716,000 BTC from a record 901,000 BTC just four days ago, a stark illustration of how brutally last week’s price crash wiped out leveraged positions across the market.

One silver lining: the decline in open interest suggests traders largely didn’t pile into new shorts during the selloff, meaning the move was driven by forced long liquidations rather than aggressive bearish conviction.

Ether (ETH) tells a similar story. Open interest has pulled back to 14.58 million ETH from 15.98 million ETH late last month.

BCH$222.19 is the standout coin of the past 24 hours. Open interest has jumped over 13% in the past 24 hours to 1.64 million BCH, the highest level since July 2023, even as its price bucked the recovery with an 8.3% slide. Rising open interest against a falling price typically signals short accumulation, and BCH’s negative 24-hour cumulative volume delta confirms it: Traders are actively shorting at market prices rather than placing limit orders. The setup points to persistent bearish sentiment and potential for further losses.

Canton Network’s CC token is also seeing an uptick in open interest.

On the volatility front, the stabilization in bitcoin is showing up in so-called fear gauges. The 30-day annualized implied volatility index BVIV has retreated to 50% from a peak of nearly 59% on Friday, suggesting the acute stress is fading and conditions are supportive of at least some consolidation. Ether’s implied volatility pulled back to 69% from 75%.

Options market sentiment has shifted noticeably. The five most actively traded instruments on Deribit in the past 24 hours are all calls, including a $170,000 strike expiring Dec. 25. That’s a bet bitcoin will rally above that level before year-end. These deep out-of-the-money calls function as cheap lottery tickets: small premium, long odds and a massive payoff if the trade comes good.

One risk factor remains. The dealer gamma profile around $60,000 continues to point to a setup where market makers may be forced to trade in the direction of price moves to rebalance their books, a dynamic that could amplify swings in either direction.

Token talk

Zcash (ZEC) has rebounded 45% from last week’s low after developers proposed a fix for a critical counterfeiting bug in its privacy-focused Orchard pool.

The Ironwood proposal would move users to a new, repaired privacy pool and let anyone running Zcash software verify that no more than the correct amount of ZEC exists.

As coins migrate out of the old pool, any counterfeit ZEC would either be exposed or stranded and destroyed, potentially revealing whether the flaw was ever exploited, though developers say abuse is unlikely.

Elsewhere, Tether’s dollar-pegged stablecoin USDT briefly overtook ether (ETH) in market capitalization over the weekend as the latter fell alongside the broader market.

Ether slid from $2,000 to just over $1,500 from Friday to Sunday, bringing it to a $183 billion market cap compared with USDT’s $186 billion. The token has recovered since, bringing it back above USDT, though it remains far below bitcoin BTC$62,945.93‘s $1.2 trillion level.

More For You

Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls

By James Van Straten|Edited by Jamie Crawley

1 hour ago

Gold falls into bear market territory, while a stronger U.S. dollar and rising rate expectations pressure risk assets.

What to know:

Gold has dropped more than 20% from its January record high of $5,600 per ounce and is now trading below its 200 day moving average.
A stronger than expected US jobs report has increased expectations of a Federal Reserve rate hike, while the US Dollar Index (DXY) has moved back…

Read full story

Bitcoin holds steady after Sunday’s rally, though full-fledged reversal may take longer

Bitcoin is holding above $63,000 after rallying on Sunday. The price is now hovering near a key 200-week moving average that often marks major cycle turning points.

What to know:

Derivatives positioning

Token talk

Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls

Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls

U.S. inflation, European Central Bank rate decision: Crypto Week Ahead

CME is letting traders bet on bitcoin volatility, not price, and two firms have already placed bets

Zcash bounces 45% as developers propose new ‘Ironwood’ upgrade

XRP steadies above $1.10 to bounce from four-month lows

Bitcoin’s rally to $63,700 triggers $504 million losses for short sellers, most since late April

Bitcoin spikes, then dumps, from $63,700 as analysts assess Strategy’s next BTC moves

Bitcoin falls back below $63,000 as Iran-Israel trade strikes and Korean stocks crash

Satoshi-era bitcoin at center of $285 billion lawsuit moves after 14 years

America’s largest banks are building a new digital currency network to stop a massive deposit drain

A massive hiring wave reveals trading firms are no longer viewing Polymarket as a niche betting tool

Michael Saylor revives bitcoin-buy speculation as scrutiny over Strategy grows

In this article

About the Author

Melinda

Leave a Reply Cancel reply

Related Stories

Wall Street is moving past crypto pilots and deeper into Ethereum, says Etherealize founder

Tokenization mirrors the $20 trillion ETF boom as blockchain and AI converge, Ondo exec says

Fable 5 Shutdown: US Export Controls Force Anthropic Offline, Pre-IPO Speculators Bleed

You May Have Missed

Wall Street is moving past crypto pilots and deeper into Ethereum, says Etherealize founder

Tokenization mirrors the $20 trillion ETF boom as blockchain and AI converge, Ondo exec says

Saylor Says 25% of Mag8 Now Holds Bitcoin After Musk’s Historic SpaceX IPO

Anthropic’s Mythos AI finds no more ‘serious’ bugs in Zcash: Wilcox