The crypto market continued its choppiness on Friday, with Bitcoin trading at $67,000 amidst a range that began in February. While some altcoins like ALGO and RENDER saw double-digit gains, the overall trend remains bearish since October.
Volatility has been cooling, with US equities flat on Friday and Brent crude oil priced at $109 a barrel. Futures markets for Bitcoin and Ethereum showed subdued trading, with open interest largely unchanged over the past 24 hours.
Analysts see traders increasingly positioning for downside, with short sellers showing conviction. Zcash (ZEC) futures have steady open interest, while Bitcoin’s implied volatility index has declined to its lowest since February. Despite geopolitical concerns, the market shows no signs of panic.
The altcoin market has been resilient, with certain portions outperforming bitcoin and crypto majors like DeFi and AI tokens. The DeFi Select Index rose by 1.3%, beating benchmarks like the CoinDesk 20, which is up just 0.16%. This suggests a consolidating market where traders often speculate on lower liquidity altcoins that grind to a halt when Bitcoin makes its next move.
Source: https://www.moomoo.com/news/post/67891664/crypto-consolidates-as-volatility-cools-and-futures-markets-tilt-bearish?level=1&data_ticket=1775250036755060