Bitcoin clings to $75,000 support as bear market signals resurface

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Bitcoin clings to $75,000 support as bear market signals resurface Bitcoin hovered below Tom Lee's $76,000 bull-market threshold while hyperliquid and monero bucked broader crypto weakness. What to know: - Bitcoin is trading above the $75,000 support level after being rejected at $78,000 on Tuesday, while remaining below the $76,000 threshold that analyst Tom Lee says must hold by month-end to confirm a new bull market. - AI-linked tokens, including RENDER, FET and NEAR, gave back much of Tuesday's rally, falling as much as 3% since midnight UTC and dragging the CoinDesk Computing Select Index down 2.2% and the DeFi Select Index 1.5%. - Hyperliquid's HYPE token bucked the trend with a 5.5% surge after hitting a record high earlier this week. Monero climbed 5% to retest the $400 level — bright spots in an otherwise cautious altcoin market. The crypto market is at a critical point on Wednesday, with bitcoin Ether's (ETH) chart tells a similar story. The second-largest cryptocurrency by market capitalization was rejected off $2,150 on Tuesday, and fell toward the $2,000 support level. It bounced off $2,050 at 05:30 UTC on Wednesday and was recently trading around $2,080. AI tokens RENDER, FET and NEAR gave back much of their gains from Tuesday's rally, falling between 1% and 3% since midnight UTC. The U.S. stock market continued to diverge from crypto on Wednesday, with S&P 500 and Nasdaq 100 index futures both hitting record highs after adding about 0.3%. Crucially, bitcoin is now below Bitmine (BMNR) Chairman Tom Lee's line in the sand at $76,000, which, he said, would signal the end of a bear market if BTC were to end the month above that level. Derivatives positioning - Crypto futures volume jumped 54% to $201 billion in 24 hours, while liquidations surged 87%. The massive percentage gains largely reflect the market waking up after an extended U.S. holiday lull rather than a structural shift in activity levels. - Bitcoin dropped 1% over the last 24 hours as open interest climbed to 740K BTC from 704K BTC, a combination that typically confirms a price downtrend. The negative 24-hour cumulative volume delta (CVD) shows traders are aggressively shorting via market orders while funding rates remain neutral. - Ether's open interest hit a record high 15.57 million ETH alongside negative CVD. It may be that traders are shorting contracts in anticipation of deeper price loss. This follows a technical breakdown of the bullish trendline that has supported the market since February, opening the door for deeper losses. - Open interest in ZEC futures dropped for a third day to 2.30 million tokens as the price slid toward $564. The simultaneous drop in both price and open interest suggests that earlier bullish bets are being closed out rather than new short positions being opened. - Bitcoin’s 30-day implied volatility index (BVIV) rose nearly 3% to 37.35%, marking its first gain in 10 days and a bounce from yearly lows. A continued rise would signal that the market is finally paying up for protection against a potential price swoon. - Deribit data shows the $55,000 September put is the most traded contract of the past 24 hours. It represents a bet that bitcoin will fall significantly by the end of that month. Most activity has been clustered around downside protection at various strikes between $70,000 and $76,000. Token talk - The CoinDesk Computing Select Index (CPUS) fell 2.2% since midnight UTC following losses across the AI sector. The DeFI Select Index (DFX) also struggled on Tuesday, losing 1.5%. - One bright point is hyperliquid (HYPE). The perpetual exchange's native token formed a new record high this week and is continuing to show strength on Wednesday, surging by 5.5% since midnight UTC. - There was also a notable gain for monero (XMR), up by 5% on Wednesday as it retests Monday's high around $400. - CoinMarketCap's "Altcoin Season" indicator also increased to 36/100, demonstrating relative strength among a few select altcoins despite broader market weakness. More For You U.K. authorities sanctioned HTX, saying there were "reasonable grounds to suspect" the crypto exchange was helping Russia by cooperating with ruble stablecoin A7A5. What to know: - Britain sanctioned the issuer of the ruble-linked A7A5 stablecoin and says it had reasonable grounds to suspect the HTX crypto exchange assisted the project. - Both HTX and A7A5 executive Oleg Ogienko said the exchange rejected A7A5’s listing application, as did other centralized exchanges concerned about secondary sanctions. - Ogienko insisted A7A5...

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