Forecast Trend Report by Period
Bitcoin reversed lower after failing to break above $80,000, with rising oil prices adding to market volatility.
CoinDesk reported on April 27 that Bitcoin climbed to an intraday high of $79,480 before retreating to around $77,800, a drop of about 2%.
The pullback came as crude prices surged. Brent rose to $107 a barrel, reflecting supply concerns as tensions between the US and Iran resurfaced.
Bitcoin also ran into selling pressure during its attempt to clear $80,000. Volatility intensified around the US stock market open and the start of CME Bitcoin futures trading.
Altcoins posted steeper losses. Lido’s LDO fell about 17%, making it one of the session’s worst performers, while major sector indexes declined 1% to 2%.
About $300 million of futures positions were liquidated in derivatives markets. Much of that total came from short positions, suggesting liquidations during the short-lived rally were followed by a turn lower.
XRP futures open interest rose about 2.5% over the past 24 hours, the largest increase among major tokens. Funding rates remained negative, however, indicating caution across the broader derivatives market.
Broader volatility gauges have shown signs of easing. Thirty-day implied volatility for Bitcoin and Ether continued to decline, while the VIX, a benchmark for volatility in traditional financial markets, stayed at a low level.
CoinDesk said demand for downside protection still dominated the options market, though some investors were also favoring strategies designed to benefit from higher volatility.
CoinMarketCap’s altcoin season index stood at 39, keeping it in neutral territory.
