Bitcoin clings to $62,500 as bears tighten grip on crypto market
Bitcoin held above $62,500 and ether near $1,665, but sluggish price action and widening put skews signal bears remain firmly in control.
Make preferred on
Share this article
Summary
- Derivatives positioning is broadly bearish: Even though SOL futures open interest hit a lifetime high, funding rates and CVD are both negative and ETH open interest rose as prices fell.
- Both combinations point to fresh short positioning, while put-call skew on Deribit widened sharply to favor downside protection.
- The absence of a meaningful bounce despite a partial recovery in U.S. equity futures is the market’s biggest red flag, with bitcoin needing to hold $60,000 to avoid dropping to a trading range not seen since late 2024.
