Bitcoin remains trapped in a well-defined range, with support near $60,000 and resistance between $66,000 and $68,000, according to analysts. A bearish chart formation suggests a potential downside move toward $54,000 if key levels give way.

The leading cryptocurrency has risen about 1.4% since midnight UTC, aided by falling oil prices as optimism around a possible U.S.-Iran agreement lifted broader risk sentiment. Major altcoins followed higher, with ether gaining 2.4%, while solana and BNB added roughly 1.5%. XRP lagged slightly, rising just 0.7%.

Despite strength in large-cap tokens, the wider market remains uneven. The CoinDesk 20 Index is still marginally negative over the past 24 hours, although select smaller tokens such as DEXE and BEAT outperformed with gains of 8% and 5%.

Still, analysts remain cautious about the sustainability of the rebound.

“BTC has rebounded toward $64K, but momentum is limited. The 200-week SMA near $62.2K continues to provide support, along with the $60K level, while resistance between $66K and $68K caps upside potential,” analysts at Marx said.

Their strategy emphasizes buying near long-term support and selling into resistance, rather than chasing price action within the range.

Other technical analysts warn that bitcoin is forming a bearish flag on the daily chart, a pattern that could lead to a decline toward $54,000 if confirmed.

Derivatives Positioning

Bitcoin trading activity increased, with 24-hour volume climbing 30% to $129.9 billion. Open interest remained steady near $108 billion, while liquidations rose 41% to $212 million, with long positions accounting for $118.4 million.

Futures positioning has cooled since early June, with open interest declining from 801,000 BTC to around 722,000 BTC. Ether derivatives show a similar trend.

XRP stands out as an outlier, with open interest rising to 2.35 billion tokens, the highest level since October. Funding rates remain slightly positive at around 4%, indicating demand for long exposure. However, a negative cumulative volume delta points to persistent selling pressure, weakening the bullish case. Technically, XRP appears vulnerable following a recent bearish breakdown.

Solana’s open interest reached a record 72.11 million tokens, increasing the likelihood of a sharp move in either direction. However, mixed signals from funding rates and CVD leave its direction uncertain.

Across the top 25 cryptocurrencies, only bitcoin, TRX and ether show positive CVD readings, while most others remain negative, suggesting that short positions continue to dominate overall market activity.

Meanwhile, 30-day implied volatility for BTC and ETH remains stable, indicating relatively calm options markets with limited demand for hedging or speculation.

In options markets, a trader executed a bullish call spread on HYPE via the Derive platform, targeting a move above $100 and potentially as high as $150 by year-end.

On Deribit, BTC and ETH put options continue to trade at a premium to calls, reflecting ongoing demand for downside protection.

Token Developments

Taiko’s native token saw its market capitalization drop nearly 30% to $14 million after the Ethereum layer-2 network halted operations and urged users to withdraw funds following a bridge exploit.

The attacker reportedly stole about 2 million TAIKO tokens, valued at roughly $170,000, and transferred them to the MEXC exchange.

The protocol confirmed that its chain-state verification mechanism had been compromised, undermining the reliability of its cross-chain bridge infrastructure.

Cross-chain bridge vulnerabilities remain one of the biggest risks in decentralized finance this year, with April’s $292 million KelpDAO exploit also stemming from a similar attack vector.