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Bitcoin stalls below key resistance as analysts clash over next move
Despite a geopolitical “risk-on” boost, crypto markets remain range-bound with BTC hovering at $71,200 while altcoins like MANA and AERO show strength.
Apr 9, 2026, 10:31 a.m.
What to know:
- Analysts are sharply divided; Bloomberg’s Mike McGlone warns of a potential “meltdown” to $10,000 if BTC fails to reclaim $75,000, while Fundstrat’s Tom Lee insists the market bottom is already behind us.
- While Bitcoin and Ether remain relatively flat, the altcoin market is showing signs of life with MANA and AERO rising 6%, though MANA’s gains appear driven by a 25% spike in leveraged open interest rather than spot buying.
- Traders are watching for a decisive break above $75,000; establishing support there is widely viewed as the necessary catalyst for a capital rotation into currently oversold altcoin sectors.
BTC is up by around 0.3% since midnight UTC while ETH is flat having outperformed the broader market on Wednesday, and while BTC has posted a modest gain, all eyes remain on whether this range-bound stability is a launchpad or a trap.
Derivatives positioning
- Bitcoin’s futures open interest (OI) has increased to 726,000 BTC, a one-week high, bouncing sharply from 693,000 BTC over the weekend. The tally has increased by over 1% in the past 24 hours, a sign of continued capital inflows despite spot price’s stalled ascent.
- BTC’s 24-hour cumulative volume delta (CVD) remains positive for the second straight day and perpetual funding rates hover just above zero. These datasets, coupled with OI increase, suggests a persistent bias for bullish plays.
- OI in ether, XRP and solana futures has also increased by 1% to 2%. However, CVD and funding rates for these tokens are slightly negative, which suggests growing demand for bearish bets.
- CVD readings for top meme coins like DOGE and SHIB remain negative – a signal some see as constructive for the broader market, as heavy bullish positioning in speculative tokens is often viewed as a sign of excess froth.
- Bitcoin and ether volatility indices continue to decline in a sign of market calm. 10x Research said the market is pricing just 2.5% swing in either direction on the back of Friday’s inflation data.
- On Deribit, BTC and ETH continue to show a mild bias for put options, which offer downside protection, although its much weaker than a week ago. Speaking of flows, the $80,000 bitcoin call has seen the biggest increase in number of open positions in the past 24 hours followed by the $82,000 call.
