Bitcoin hovers below $60,000 as crypto braces for a pivotal week
BTC added 0.6% to $59,800 to start the week while SOL rose 2%, though derivatives data and chart formations point to continued downside risk.
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Summary
- Volatility indexes offered a rare positive signal as BVIV dropped to 47%, pausing its two-week climb and suggesting traders are betting on calmer conditions, though derivatives data across most top-25 tokens indicate bears remain in control of the price action.
- Bitcoin and either futures open interest retreated to early-month ranges, reflecting trader caution, while positions in SOL and AVAX raise questions about the sustainability of recent rebounds.
- The altcoin market is treading water as investors await bitcoin’s next directional move, with the CoinMarketCap Altcoin Season index stuck at 49/100.
