Bitcoin climbed to $64,400, retesting a resistance level it failed to clear earlier this week. A decisive breakout above this zone could pave the way toward the June 15 peak near $67,250. Overall, the crypto market stayed on an upward path Friday, with BTC gaining roughly 2% since midnight UTC.

Ether led the majors, rising 2.6% to $1,790 as it attempts to break free from a pattern of lower highs and lower lows. Altcoins also firmed up heading into the weekend—typically a slower trading period—with Zcash (ZEC) and Aave (AAVE) each advancing around 5%, hinting at renewed appetite for riskier assets.

Crypto assets diverged from traditional markets, as S&P 500 and Nasdaq 100 futures slipped 0.1% and 0.4%, respectively.

Derivatives positioning
Signals from derivatives markets point to improving conditions. Trading volume dropped 7% over the past 24 hours to $140 billion, while open interest rose 3% to $110.52 billion—suggesting that the rally is being driven more by sustained positioning than short-term speculation.

Bitcoin futures open interest increased from 262K to 272K contracts across major exchanges as prices moved above $64,000. Combined with positive funding rates and a supportive cumulative volume delta (CVD), this indicates growing bullish sentiment.

Ether, however, has yet to see a comparable rise in futures open interest, implying traders are still cautious about adding leverage. Across the wider market, most tokens posted positive 24-hour CVDs, showing stronger buying pressure—often a precursor to continued upside.

Options data reinforces the trend. Implied volatility for BTC and ETH keeps declining, which is typical during steady rallies. Bitcoin’s BVIV index fell to 38.5, its lowest level since June 6. On Deribit, falling put skews signal reduced downside hedging, while call options at $62,000, $65,000, and $67,000 remain among the most active—reflecting a constructive outlook.

Token highlights
Lighter (LIT) extended its rally, rising over 5% and pushing its gains since mid-May beyond 200%. The decentralized derivatives platform recently partnered with Robinhood Chain to expand its ecosystem.

Hyperliquid’s HYPE token also ticked higher, up 2.8% to $68, maintaining a pattern of higher lows that signals continued strength. Meanwhile, AI-related tokens lagged the broader market, with Bittensor (TAO) trading flat despite the overall rally.