Noticed that Bitcoin rebounded from the 86,000 mark in recent days. Currently, the price is around 74,300, although the overall trend still looks bearish — a series of lower highs and lows stretching back from autumn. It appears to be early signs of a bearish reversal.

What’s interesting — despite the volatility, open interest in futures remains stable at $22.6 billion. Funding rates are mostly neutral, but the options market signals demand for short-term protection. In terms of daily liquidation size — about $744 million, with most of it coming from longs. Implied volatility for near-term contracts has increased to 41.5%, higher than for long-term contracts.

But what surprised me — altcoins showed relative resilience. Ether fell by 1.31%, but XRP is holding up better. Privacy and metaverse tokens actually increased — Axie Infinity dropped by 1.03%, although it previously showed sharp jumps. The altcoin index is outperforming the Bitcoin-oriented index, although the overall market still suffers from low liquidity after the October crash. Movements are becoming more volatile in both directions — traders are navigating thin order books.