Risk Proxies Challenge Bitcoin's Bounce; HYPE, XMR Shine: Crypto Daybook Americas
Bitcoin faces resistance near $110,000 as risk proxies weaken, though some tokens like HYPE and XMR show gains.Summary
The crypto market is attempting to regain upside momentum, with Bitcoin hovering near $110,000, accompanied by double-digit gains in tokens like HYPE and XMR. However, Bitcoin's bounce is challenged by several factors: the strengthening U.S. dollar, bearish signals from risk proxies like the HYG and XLF ETFs which have broken key support, and underlying weakness suggested by volume studies. This aligns with persistent bearish positioning in BTC options and a short-term bearish outlook from Standard Chartered. Founders of LondonCryptoClub noted that banking stress is currently anchoring BTC, but they anticipate a future 'melt up' driven by aggressive Federal Reserve easing due to economic slowdown risks. Traditional markets saw oil rise 4% following U.S. sanctions on Russian suppliers, which could increase risk aversion. The report also detailed upcoming macro events, token governance votes, and significant quarterly growth for Jupiter (JUP), whose token rose over 3% despite a slight dip in market cap.
(Source：CoinDesk)