Bitcoin re -wagered the $ 110,000 level of the second consecutive day, perhaps drawn higher with even greater gains among Altcoins.
Up 0.9% more than 1% over the past 24 hours, Bitcoin traded just over $ 110,000 shortly after the end of US stock markets on Tuesday. Coindesk 20 – an index of the 20 best cryptocurrencies at market value, excluding stableecoins, exchange coins and memcoins – has risen 3.3% in the same period, mostly thanks to Ether
Solana, Chainlink, all of which get 5%-7%.
However, the prominent performances were put on by Uniswap
and aave, which rose a look 24% and 13% respectively. The move was elicited by optimistic comments on the topic of Securities and Exchange Commission (SEC) Chairman Paul Atkins on Monday.
Things have remained relatively quiet on the stock front, with most cryptoists flat on the day. A remarkable exception is Semler Scientific (SMLR), a company aimed at following the strategy (Mstr) PlayBook and Vacuum up as much Bitcoin as possible. Shares fell another 10% today, with the stock trading for less than the value of Bitcoin on its balance.
Despite today’s winnings, placement across crypto markets still reflects a virtually defensive tone.
“Financing rates and other gearing projects point to a constantly cautious mood on the market,” Vetle Lunde, head of research at K33 Research, pointed out in a Tuesday report. “The broad risk appetite is remarkably weak, given that BTC is acting close to previous high times.”
Binance’s BTC -EVIGE SWAPS released negative financing rates on several days last week, with the average annual financing rate, which now sits at only 1.3% – a level that is typically associated with local market bottoms instead of top, Lunde noted.
“Bitcoin usually does not top in environments with negative financing rates,” he wrote, adding that past occurrences of such positioning are more often prior to events than corrections.
Streams in geared Bitcoin ETFs paint a similar image. Proshares 2x Bitcoin ETF (BitX) currently has exposure equivalent to 52,435 BTC – well under its tops in December 2023 of 76,755 BTC – and influx remains muted. According to Lunde, this defensive positioning leaves space for a potential “healthy rally” in BTC to develop.
Still, not all market surveys are convinced that the current price action marks the start of a sustainable outbreak.
“Is this a true outbreak that will continue? In my opinion probably not,” said Kirill Kretov, senior automation expert at Coinpanel. “More likely, it’s part of the same volatility cycle where we see a rally now, followed by a sharp drop triggered by a negative message or other narrative change.”
According to Kretov, the current environment favors experienced dealers who can navigate volatility -driven market structure. Technically, he sees BTC’s next key support levels to $ 105,000 and $ 100,000 – zones that could be tested if the sale of pressure returns.
