Bitcoin traded just above a key support zone on Wednesday, hovering near $75,000 after failing to hold gains above $78,000 in the previous session. The move keeps the asset below the $76,000 threshold that Bitmine Chairman Tom Lee has identified as pivotal for signaling a broader exit from bear market conditions.

The weakness was mirrored across the wider crypto market. Ether also faced selling pressure, retreating after rejection near $2,150 and briefly dipping toward $2,000 before stabilizing around the $2,080 level.

Momentum in AI-linked tokens faded as well. Assets such as RENDER, FET, and NEAR gave back a portion of recent gains, declining between 1% and 3% in early trading.

In contrast, traditional financial markets continued to push higher. Futures tied to the S&P 500 and Nasdaq 100 rose დაახლოებით 0.3%, marking fresh record highs and underscoring the growing divergence between equities and digital assets.

Derivatives data pointed to increasing bearish positioning. Total crypto futures volume surged 54% to $201 billion over the past 24 hours, while liquidations jumped 87%, reflecting renewed activity following a U.S. holiday lull.

Bitcoin slipped roughly 1% over the same period, even as open interest climbed from 704,000 BTC to 740,000 BTC—a combination typically associated with strengthening downside momentum. A negative cumulative volume delta (CVD) further indicated aggressive short positioning, while funding rates remained largely neutral.

Ether showed a similar trend. Open interest rose to a record 15.57 million ETH, accompanied by negative CVD readings, suggesting growing bearish bets after the token broke below a trendline that had supported prices since February.

Elsewhere, ZEC futures open interest declined for a third consecutive day to 2.30 million tokens alongside falling prices, signaling long position unwinding rather than fresh short buildup.

Volatility is beginning to pick up. Bitcoin’s 30-day implied volatility climbed nearly 3% to 37.35%, its first uptick in over a week, indicating rising demand for downside protection.

Options market activity reinforced this cautious outlook. The $55,000 September put emerged as the most actively traded contract on Deribit, while traders also concentrated on protective positions in the $70,000 to $76,000 range.

Sector performance remained under pressure. The CoinDesk Computing Select Index dropped 2.2%, weighed down by weakness in AI tokens, while the DeFi Select Index fell 1.5%.

Despite the broader decline, a few tokens bucked the trend. Hyperliquid’s HYPE token extended its rally, gaining 5.5% to reach a new all-time high, while Monero advanced 5% as it approached the $400 mark.

CoinMarketCap’s Altcoin Season Index ticked up to 36, suggesting that although overall sentiment remains cautious, select altcoins continue to show pockets of resilience.