TL;DR
- Bitcoin climbed about 0.9% toward $65,000 after rebounding from $62,200, but repeated rejection left the market without a confirmed breakout during Thursday’s cautious market recovery.
- Ether rose above $1,900 while many large altcoins declined, reflecting a rotation toward the relative safety of crypto’s two biggest assets.
- PI surged as much as 15%, yet falling altcoin open interest, steady 36% Bitcoin volatility and concentrated options activity showed broader conviction remained limited.
Bitcoin continued a measured recovery on Thursday, approaching $65,000 after rebounding from a monthly low near $62,200. The cryptocurrency briefly touched the threshold before slipping slightly below it, leaving traders without a confirmed breakout. The move showed improving resilience, but Bitcoin still lacked the force needed to convert recovery into clear momentum. BTC gained about 0.9% over 24 hours to roughly $64,700, outperforming a broader crypto index that advanced only 0.16%. Its market capitalization reached around $1.3 trillion, while dominance remained just under 57% as investors favored larger assets during an otherwise hesitant trading session.
Large Tokens Lead as Altcoin Momentum Remains Uneven
The recovery followed several failed attempts to overcome $65,000 during the previous week. Bitcoin reached $65,600 twice last Monday and $65,400 on Friday before sliding toward $62,400 and then $62,200. Buyers later reclaimed $63,000 and $64,000, gradually rebuilding the price structure. Repeated rejection near $65,000 makes that level both the immediate target and the clearest test of whether buyers have regained control. Derivatives offered cautious support, with long positions representing nearly 52% of taker volume and Bitcoin futures open interest increasing to 770,000 BTC, although previous rises faded quickly across a still cautious derivatives market.
Ethereum provided the strongest large-cap advance, climbing more than 2% and moving above $1,900, while Bitcoin and Ether were the only members of one major market index trading positively. Several other prominent tokens weakened, including BNB, XRP, SOL, TRX and DOGE, while HYPE and ZEC fell more than 2%. The uneven performance suggested traders were seeking relative safety in the two largest cryptocurrencies rather than embracing a broad altcoin rebound. Altcoin open interest declined about 15% over the previous month, even as Bitcoin gained roughly 8%, highlighting the widening preference for established assets this week.
A few smaller tokens still produced notable gains. Pi Network’s PI surged as much as 15% to a three-week high and remained above $0.09, while GT and BDX also advanced. The total cryptocurrency market capitalization increased by approximately $40 billion to $2.3 trillion. These isolated rallies added color to the session without overturning the market’s broader concentration in Bitcoin and Ether. Bitcoin’s implied volatility held near 36%, while options activity showed interest in calls at $80,000 and $96,000, indicating that traders were positioning for upside even as the spot market remained below resistance for now.