Key facts
- Bitcoin price rose to $61,600, a 6.5% increase from its recent low.
- Weak U.S. jobs data reduced expectations of a Federal Reserve interest rate increase.
- Ether saw $160 million in liquidations, with open interest reaching its highest level since June 10.
- Uniswap surged 11% after being selected as the primary AMM for Robinhood's layer-2 network.
- Solana's weekly gain reached 17%.
Bitcoin saw a notable recovery, trading at $61,600, marking a 6.5% increase from its recent low of $57,750. This rebound was largely attributed to weaker-than-expected U.S. jobs data, which diminished the likelihood of an imminent Federal Reserve interest rate hike. The positive sentiment extended to the Nasdaq 100 futures, which climbed 1.9%.
Ether experienced significant activity in the derivatives market, accounting for $160 million of the $417 million in 24-hour liquidations. This suggests that heavily bearish positions were being unwound. Ether's open interest reached its highest point since June 10, accompanied by bullish funding rates and strong cumulative volume delta, indicating growing demand for bullish exposure.
Among altcoins, Uniswap (UNI) was a standout performer, surging 11% on doubled trading volume after being confirmed as the primary automated market maker for Robinhood's layer-2 network. Solana (SOL) continued its upward trend, extending its weekly gain to 17%. AI tokens such as FET, RENDER, and TAO also saw modest gains after a period of selling pressure.
Despite these positive movements, the broader crypto market structure remains bearish, characterized by lower highs and lower lows. For Bitcoin to reverse its downtrend, it would need to surpass key resistance levels at $67,000 and subsequently $81,000.
Implied volatility indexes for both Bitcoin and Ether have been declining, signaling a calmer market environment and suggesting potential for continued bullish price action. On Deribit, call options for Bitcoin and Ether were the most actively traded, indicating a bullish outlook among traders.