Major cryptocurrencies are rising alongside gains in US stocks as oil prices lower the war premium built up in recent weeks. But wider market participation remains elusive and limited to just a few coins.
Bitcoin and ether (ETH) are up 5% and 9% respectively in the past 24 hours as digital asset financials like Strategy (MSTR) and Bitmine (BMNR) maintain strong demand and traders seek bullish exposure via futures. More importantly, perpetual funding rates are positive but remain below 10% for both assets, indicating healthy demand for bullish bets with no signs of overheating – a Goldilocks scenario.
Solana’s SOL has reached the mid-$80s, but it has been here several times in recent weeks and still does not offer directional clarity. A similar conclusion can be drawn for the payment-focused token XRP.
Analysts are bullish but want to see BTC establish a foothold above $74,000-$75,000.
“A victory for the bulls in this battle will pave an easier path to the $87,000-$90,000 range, where the 200-day MA and the November-January support are located. Optimism in global markets increases the chances of reaching these highs in the coming days, but before they rise above $90,000, it may require a longer period of consolidation of the markets, at Alex Kuptiche and Bitcoins. FxPro, said in a e-mail.
Marex Group’s digital asset services wing emphasized that bitcoin must hold above $74,000 without the market overheating with excessive leverage.
“If bitcoin can consolidate above 73,000 to 74,000 without funding overheating, this could be extended. If it gives it back quickly, it confirms that the move was mostly headline and press, not a true demand shift,” Marex’s crypto trading analysts said.
Select altcoins, such as ZEC, HYPE, and AAVE, and memecoins, such as PEPE, continue to rally. HYPE’s parent platform, Hyperliquid, is increasingly taking share of the perpetual futures market from centralized exchanges (CEXs). Data shared by Hyperliquid News shows that the decentralized platform’s share of open interest relative to CEXs rose to a new record high of 6.9%.
However, the broader market has yet to fully participate in the bitcoin rally. This is evident from traditional metrics that measure market breadth based on price performance filters.
For example, BTC’s price is now convincingly above its 50-day moving average – a bullish signal according to analysts. However, only 51 of the top 100 coins (including BTC) show the same behavior, according to data source TradingView.
In traditional markets, the dollar index continued to fall, hitting a five-week low as war fears eased. The sustained decline supports the bullish case for risk assets. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
What is trending
Today’s signal
The chart shows bitcoin’s daily price movements in candlestick format, overlaid with the Ichimoku Cloud indicator.
Prices are up over 5% in 24 hours, surpassing the trend line from the October high. This descending line represented the bear market characterized by prices making lower and lower highs. The breakout therefore points to a major revival in demand and points to more gains ahead.
The case for a rally to $80,000 and higher would be further strengthened if prices move above the Ichimoku Cloud, a technical indicator developed in the late 1930s by Japanese journalist Goichi Hosoda and popularized in the 1960s. The cloud helps visualize trend direction and momentum, with price trading above it typically signaling a stronger bullish structure.
