Bitcoin and ether are approaching key support price levels. Ether is at a price it has bounced from twice before, while bitcoin is near its 2024 lows.
Bitcoin (BTC) fell 1.5% and is now trading at $59,250, while ether (ETH) is down 1.73% at $1,580. Both assets are now testing critical multiyear support levels.
The altcoin market has seen exaggerated downside, especially among DeFi tokens like ethena (ENA), jupiter (JUP), and ether.fi (ETHFI), which have fallen between 3.3% and 7.5%.
Derivatives Positioning
- HYPE, the native token of Hyperliquid, has gained over 4.3% in the past 24 hours.
- Open interest in Dogecoin (DOGE) has jumped to 16 billion tokens, the highest since the October crash.
Overall positioning remains light but leans bullish.
