As bitcoin, altcoin prices gain, derivatives signal skepticism over a sustained rally

3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on (geralt/Pixabay)SummaryShowBitcoin and major altcoins rose as easing oil prices and hopes for an Iran-U.S. deal provided a tailwind, though the broader market remains soft.Analysts remain cautious, noting bitcoin is stuck between key support near $60,000 and resistance around $66,000 to $68,000, with some warning a bearish chart pattern could send prices toward $54,000.Derivatives data show elevated volumes, mixed positioning and mostly negative CVD across major tokens, while options markets still favor downside protection, signaling lingering skepticism about a sustained rally.Bitcoin BTC$64,605.48 has risen 1.4% since midnight UTC, catching a tailwind as hopes for an Iran-U.S. deal sent oil prices lower. The move provided a lift to major altcoins, with ether (ETH) adding 2.4% and solana (SOL) and BNB advancing about 1.5%. XRP lagged with a 0.7% gain. Despite the green shoots among the majors, the broader market has yet to follow suit. The CoinDesk 20 Index (CD20) remains slightly lower over 24 hours. Still, smaller outliers like DEXE and BEAT jumped of 8% and 5%. Monday's bounce, however, is being met with heavy skepticism from some analysts, particularly when comparing bitcoin's price with its simple moving average (SMA). "BTC has clawed back to $64K but nothing behind it. The 200-week SMA near $62.2K held the weekend dips, and that line with the $60K shelf is what separates a base from a deeper leg, while $66K to $68K caps the upside," analysts at Marx said in an email. "We buy near the 200 week and sell into resistance, we do not chase the middle," they added. This cautious stance is echoed by other chart analysts, who warn that bitcoin’s daily chart is currently carving out an "ominous bear flag." If that pattern breaks to the downside, one analyst warned the next stop could be $54,000. Token talkThe market capitalization for Taiko's native token, TAIKO, collapsed by nearly 30% to $14 million after the Ethereum layer-2 network halted its chain and told users to withdraw funds after an attacker exploited its bridge.The attacker walked away with about 2 million TAIKO, worth roughly $170,000, and reportedly moved these coins to the MEXC exchange.The protocol said that its chain-state verification mechanism was breached. In other words, the security assumptions supporting all Taiko bridges, technologies that help move coins across blockchains, were no longer dependable.Cross-chain bridges have emerged as the biggest security risk to DeFi users this year. April's $292 million KelpDAO hack, one of the biggest of this year, was also a bridge exploit. Crypto Markets TodayRelated AssetsBitcoin$64,591.650.78%Latest Crypto News 1Bitcoin ETF outflow pain eases just as another headwind gathers strength29 minutes ago2Bank of England backs down on strict stablecoin holding limits, sets $50 billion issuance cap1 hour ago3Geopolitical relief meets the Warsh Fed: Crypto Week Ahead1 hour ago4Taiko halts its Ethereum layer-2 network after a bridge exploit, token dives2 hours ago5Bitcoin price may be headed to $54,000, says analyst who forecast October's all-time high2 hours ago6Live markets: Friday's biggest bitcoin options expiry of the year puts $60,000 in focus4 hours ago7Bitcoin developers want to fix the 'replace this transaction with a higher fee' button. Here's why5 hours ago8Ethereum validators asked to fund projects with up to 10% of staking rewards under new proposal6 hours ago9XRP briefly loses $1.14 support before buyers drive sharp rebound6 hours ago10Bitcoin holds near $64,000 as US-Iran talks progress but crypto sits out the rally7 hours agoLatest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record HighCEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record HighIn May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

As bitcoin, altcoin prices gain, derivatives signal skepticism over a sustained rally

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