The crypto market is at a critical juncture: Bitcoin tests $75,000 support, diverging from U.S. equities.
BlockBeats news, on May 27, the cryptocurrency market was at a critical point on Wednesday. Bitcoin failed to break above $78,000 on Tuesday, and its price has fallen below the $76,000 "bear market boundary" outlined by Tom Lee, now approaching the $75,000 support level. Ethereum also retreated after hitting $2,150 on Tuesday, dropping toward the $2,000 support, before rebounding near $2,050. AI-themed tokens RENDER, FET, and NEAR gave back most of their Tuesday gains.
The market's performance is clearly diverging from U.S. stocks. S&P 500 and Nasdaq 100 index futures both hit record highs, up about 0.3%.
In the derivatives market, crypto futures trading volume surged 54% within 24 hours to $201 billion, and liquidation volume soared 87%, but this mainly reflects the market reboot after the U.S. holiday. Bitcoin open interest climbed to 740,000 coins, with the 24-hour cumulative trading volume difference in the negative, showing traders aggressively shorting through market orders. Ethereum open interest hit a record high of 15.57 million coins, but the trading volume difference was also negative, indicating traders are shorting contracts to bet on a deeper decline after the critical technical support trendline was breached. Bitcoin's 30-day implied volatility index rebounded from this year's low, rising nearly 3% to 37.35%, showing the market is starting to seek protection against potential downside.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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