Analysts warn markets may stay range-bound ahead of Friday’s Deribit options expiry, keeping volatility subdued. Bitcoin rose to around $66,000 overnight, with Ethereum climbing to about $1,910 after hovering near $1,850 for much of the day. XRP and Dogecoin also posted gains as major crypto benchmarks rallied in tandem with equities, despite tariff uncertainty and geopolitical tensions.
Nearly $380 million was liquidated from the market in the last 24 hours, according to Coinglass, with short liquidations accounting for the majority. Bitcoin’s open interest fell 0.35% over the past 24 hours, and an increase in price combined with a decrease in open interest typically indicates the rally lacks conviction. Extreme Fear sentiment prevailed in the market, according to the Crypto Fear & Greed Index. The global cryptocurrency market capitalization stood at $2.20 trillion, down 1.71% over the past 24 hours.
Lacie Zhang, Research Analyst at Bitget Wallet, said in a note to Benzinga that the ongoing decline in Bitcoin and Ethereum reflects a broader “risk-off reset” rather than a “crypto-specific breakdown”. The analyst argued that deeper integration of digital assets with traditional finance boosts inflows during bullish phases, but at the same time, heightens vulnerability to geopolitical tensions, tariff uncertainty, and volatility in tech and AI. Near term, Bitcoin is likely to trade within a $58,000 – $76,000 range, with current levels around $64,500 testing key supports, while Ethereum may fluctuate between $1,750 – $2,200 near $1,850, Zhang predicted.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe expected the cryptocurrency market to remain “boring” until the Friday options expiry on Deribit. “Break $65,000 would be a strong trigger for upside,” the analyst said.
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