Bitcoin advanced to $64,400, once again testing a resistance level it struggled to break earlier in the week. A clean move above this barrier could set the stage for a push toward the June 15 high near $67,250. The broader crypto market maintained upward momentum on Friday, with BTC gaining करीब 2% since midnight UTC.
Ether outperformed the majors, climbing 2.6% to $1,790 as it attempts to reverse its recent trend of lower highs and lower lows. Altcoins also moved higher ahead of the weekend—typically a quieter trading period—with Zcash (ZEC) and Aave (AAVE) both rising around 5%, suggesting a gradual return of risk appetite.
Crypto markets diverged from traditional assets, as S&P 500 and Nasdaq 100 futures edged lower by 0.1% and 0.4%, respectively.
Derivatives positioning
Market signals from derivatives indicate improving sentiment. Over the past 24 hours, trading volume declined 7% to $140 billion, while open interest increased 3% to $110.52 billion—pointing to stronger conviction among traders rather than short-term speculation.
Bitcoin futures open interest rose from 262K to 272K contracts across major exchanges as prices pushed above $64,000. Along with positive funding rates and a favorable cumulative volume delta (CVD), this reflects growing bullish positioning.
Ether, however, has not yet seen a similar increase in futures open interest, suggesting traders remain cautious about adding leverage. Across the broader market, most tokens recorded positive 24-hour CVDs, indicating more aggressive buying activity—often a sign of continued upside potential.
Options data supports this outlook. Implied volatility for BTC and ETH continues to trend lower, a common feature during steady rallies. Bitcoin’s BVIV index dropped to 38.5, its lowest level since June 6. On Deribit, declining put skews indicate reduced demand for downside protection, while call options at $62,000, $65,000, and $67,000 remain among the most actively traded, reinforcing a bullish bias.
Token highlights
Lighter (LIT) continued its strong performance, gaining over 5% and extending its rally since mid-May to more than 200%. The decentralized derivatives platform recently partnered with Robinhood Chain to expand its reach.
Hyperliquid’s HYPE token also posted gains, rising 2.8% to $68 and maintaining a series of higher lows, signaling sustained strength. Meanwhile, AI-focused tokens lagged the broader market, with Bittensor (TAO) holding steady despite the overall upward move.
