Bitcoin approached $77,500 with a 1.2 percent increase in European morning hours. This increase in the last 24 hours indicates a total gain of 1.7 percent. An upward movement of approximately 0.95 percent was also observed in the CoinDesk 20 Index, which tracks the broad digital asset market.
Mobility in spot and derivative markets
Bitcoin’s rise was supported by above-average trading volume. According to CoinDesk Research’s technical analysis model, 24-hour Bitcoin trading volume was 15 percent above its weekly average. This shows that buyers and sellers are actively involved in the market.
Derivative markets, on the other hand, painted a more cautious picture. Open positions of the $76,000 put option due on June 26 increased by 22.5 percent. This increase indicates that institutional investors want to take precautions against downside risks at the current level of prices. It is stated that many major players are taking profits or taking positions against possible declines.
Is selling pressure increasing again?
In the X post by analyst Ali Martinez, based on Santiment data, it was stated that $770 million worth of Bitcoin was transferred to the exchanges in the last week.
Martinez stated that such entries are generally considered as a pre-sale preparation and a new sales pressure may occur on the market.
What affects the price?
The tight connection between Bitcoin and the CoinDesk 20 Index attracted attention. Only a 0.15 percent deviation was observed in price movements in the last 24 hours. Based on this close relationship, analysts emphasized that general market dynamics shape the Bitcoin price rather than a cryptocurrency-specific catalyst. Since the CD20 Index represents the majority of the crypto market, it appears that Bitcoin is also moving in line with changes in global risk appetite.
On the other hand, from a technical perspective, the $76,200 and $77,000 levels stand out as critical thresholds. While the market is testing the upside with the positive trend in prices, on the other hand, the increasing hedging trend in derivative products is being balanced.
CryptoAppsy According to data, the price of Bitcoin tested the $ 77,500 level. The recent activity in both the spot market and derivative products shows that investors are carefully monitoring the short-term course.
