Bitcoin is trading above the $75,000 support level after failing to break through $78,000 on Tuesday, remaining below the $76,000 threshold that analyst Tom Lee says must hold by month-end to confirm a new bull market. The broader crypto market shows caution, with AI-linked tokens like RENDER, FET, and NEAR falling up to 3% since midnight UTC, dragging the CoinDesk Computing Select Index down 2.2% and the DeFi Select Index down 1.5%. However, bright spots include Hyperliquid's HYPE token surging 5.5% to a new record high and Monero climbing 5% to retest the $400 level. Derivatives data reveals bearish signals: Bitcoin's open interest rose to 740K BTC while price dropped, and Ether's open interest hit a record 15.57 million ETH alongside negative cumulative volume delta. Bitcoin's 30-day implied volatility index rose 3% to 37.35%, and the most traded Deribit contract was the $55,000 September put, indicating bets on a significant price decline. The U.S. stock market continued its divergence, with S&P 500 and Nasdaq 100 futures hitting record highs.

Key facts

• Bitcoin holds above $75K support after failing at $78K; remains below key $76K bull-market threshold.
• AI tokens RENDER, FET, NEAR fall up to 3%; CoinDesk Computing and DeFi indices down 2.2% and 1.5%.
• HYPE surges 5.5% to record high; XMR climbs 5% to retest $400, bucking broader weakness.
• Derivatives show bearish bias: BTC OI rises to 740K as price drops; most traded Deribit option is $55K Sep put.
• US stock indexes hit record highs, diverging from crypto; bitcoin volatility index rises 3%.

KeyAudit data perspective