Bitcoin dipped to $57,700, its lowest level since September 2024, before recovering to $58,800, with $395 million in liquidations recorded as bears remained the more aggressive side. According to latest reports, open interest climbed to 768,000 BTC from 740K BTC a day ago, though the influx of money shows unclear bias between bullish and bearish bets. Puts are trading at a premium to calls across all timeframes on Deribit, with a notable block trade targeting a $50,000 BTC put at September expiry suggesting some traders expect a further 15% decline by end of Q3. The 200-day moving average remains 22% above spot price at $76,450, making recovery still weeks away despite recent volatility.
A small group of altcoins is pushing toward new All-Time Highs (ATH) this weekend while most of the market stays well below its highs. According to reports, two altcoins are trading in price discovery mode, and a third is holding firm near its peak. Jupiter (JUP) rose 11.5% on a 55% surge in trading volume and jump in TVL from 13.9 million to over 20 million SOL, while Stellar (XLM) extended gains to 16% from $0.168 to $0.196. The current altcoin strength comes as Bitcoin remains below its 200-day moving average, with analysts warning of potential correction risks that could impact the broader cryptocurrency market. CoinMarketCap's altcoin season index remains sticky at 48/100 after ending June little changed despite weakness across the sector.
ADI trades around $4.55 after printing a fresh all-time high on June 26, pushing the price into open territory with no prior resistance overhead. As reported by analysis, the chart maps two upside targets from external Fibonacci extensions, with the 1.272 level sitting near $4.96 and the 1.618 level pointing to roughly $5.47. Support now rests at the reversed 0.618 Fibonacci near $4.00, with a deeper floor following at the 0.382 level around $3.65. Daily volume has climbed steadily since mid-May, supporting the breakout, while the Relative Strength Index (RSI) reads heavily overbought yet shows no bearish divergence. The altcoin strength contrasts with broader market weakness as Bitcoin remains below its 200-day moving average.
Rain (RAIN) trades near $0.0156, about 3% below its all-time high set on June 22, with the structure mirroring the leader's pattern. According to the analysis, the 1.272 Fibonacci target sits near $0.0173, while the 1.618 level extends toward roughly $0.0201 if buyers regain control. However, the picture appears more cautious as heavy volume from early June has started to fade, and the RSI shows an early bearish divergence. The previous record near $0.015 should act as first support, with a stronger floor following at the reversed 0.618 Fibonacci close to $0.012. Rain recently joined the top three prediction markets by value locked, which may keep demand firm. The altcoin's performance comes as many smaller cryptocurrencies are already underperforming Bitcoin as liquidity continues to shrink and retail participation remains weak.
LEO (LEO) presents the most cautious setup of the three, trading around $9.26, more than 12% below its May peak of $10.57. As reported by the analysis, even this drawdown looks shallow next to most altcoins, many of which sit far deeper below their highs, making that relative strength the standout feature. Price is now testing the 0.236 Fibonacci support zone near $9.46, with a clean loss of that level exposing the 0.382 region around $8.88. The last strong floor sits at the 0.618 Fibonacci close to $7.95, though volume is thinning and the RSI hovers near 30, deep in weak territory. A steady Bitfinex buyback-and-burn program maintains a structural bid under the token, though LEO must reclaim resistance before any return to record highs comes into view. Analysts believe another Bitcoin selloff could trigger forced liquidations and repricing across the altcoin market.
