Crypto gains led by altcoins, but bearish structure remains intact: Crypto Markets Today
Bitcoin and ether saw modest gains while altcoins surged in an oversold relief rally, though macro tensions keep the overall trend fragile.Summary
The crypto market experienced a relief rally on Monday, with Bitcoin rising to $67,300 and Ether to $2,045, while altcoins like CHZ, FET, and OP jumped up to 9% due to oversold conditions. However, the broader market trend remains bearish, characterized by lower highs and lows since October, and upside is capped by ongoing geopolitical tensions, particularly regarding Iran, and a persistent liquidity crunch. Derivatives data suggests the rally is spot-driven, lacking backing from leveraged traders, as perpetual funding rates are near zero and 24-hour cumulative volume delta (CVD) is negative, indicating a bias toward short positions. Furthermore, BTC and ETH puts cost more than calls, signaling lingering downside worries. For the market structure to reset and gains to rotate into altcoins, Bitcoin needs to break above $80,000 and consolidate.
(Source：CoinDesk)