Bitcoin rose to $64,400, revisiting a resistance level it failed to break earlier in the week. A successful move above this point could open the door for a climb toward the June 15 high of $67,250. Overall, the crypto market extended its gains on Friday, with BTC up around 2% since midnight UTC.
Ether outperformed, advancing 2.6% to $1,790 as it tries to break out of a pattern of lower highs and lower lows. Altcoins also showed strength ahead of the weekend—typically a quieter period—with Zcash (ZEC) and Aave (AAVE) both gaining करीब 5%, signaling a gradual return of optimism toward riskier assets.
Crypto markets moved independently from traditional equities, as S&P 500 and Nasdaq 100 futures declined by 0.1% and 0.4%, respectively.
Derivatives positioning
Activity in crypto derivatives markets suggests improving stability. Over the past 24 hours, trading volume fell 7% to $140 billion, while open interest increased 3% to $110.52 billion—indicating that the recent price recovery is being driven more by longer-term positioning than short-term speculation.
Bitcoin futures open interest rose from 262K to 272K contracts across major exchanges as prices pushed above $64,000. Alongside positive funding rates and a favorable cumulative volume delta (CVD), this points to growing bullish sentiment.
Ether, however, has yet to see a meaningful increase in futures open interest, suggesting traders remain cautious about adding leverage. Across the broader market, most tokens recorded positive 24-hour CVDs, showing that buyers are becoming more aggressive—often a sign of continued upward momentum.
Options data supports this trend. Implied volatility for BTC and ETH continues to decline, a typical feature of steady rallies. Bitcoin’s BVIV index dropped to 38.5, its lowest since June 6. On Deribit, declining put skews suggest reduced downside concern, while call options at $62,000, $65,000, and $67,000 remain among the most actively traded, reflecting a bullish outlook.
Token highlights
Lighter (LIT) continued its strong run, climbing more than 5% and extending its gains since mid-May to over 200%. The decentralized derivatives platform recently partnered with Robinhood Chain to broaden its reach.
Hyperliquid’s HYPE token also edged higher, rising 2.8% to $68 and maintaining a pattern of higher lows, indicating ongoing strength. Meanwhile, AI-focused tokens lagged behind the broader rally, with Bittensor (TAO) holding steady despite the market’s upward move.
