Markets Bitcoin and Altcoin Prices Rise, But Derivatives Indicate Doubts About Longevity of Rally
Bitcoin is currently caught between critical support levels near $60,000 and resistance in the range of $66,000 to $68,000, with some analysts suggesting a bearish chart pattern could drive prices down to $54,000.
By Omkar Godbole|Edited by Sheldon Reback Jun 22, 2026, 11:05 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on
(geralt/Pixabay)SummaryShow- Bitcoin and other significant altcoins have seen price increases, aided by declining oil prices and optimism surrounding a potential Iran-U.S. agreement, but the overall market remains weak.
- Experts express caution, highlighting that bitcoin remains trapped between crucial support around $60,000 and resistance at $66,000 to $68,000, with warnings that a bearish chart formation could lead to a decline towards $54,000.
- Derivatives market data reflects heightened volumes and mixed positioning, with a predominance of negative cumulative volume delta (CVD) across major cryptocurrencies, while options markets indicate a preference for downside protection, suggesting ongoing doubts about the sustainability of the rally.
Bitcoin BTC$64,591.65 has increased by 1.4% since midnight UTC, buoyed by expectations for an Iran-U.S. deal that has lowered oil prices. This positive momentum has also benefited major altcoins, with ether (ETH) rising 2.4%, while solana (SOL) and BNB each gained approximately 1.5%. In contrast, XRP only saw a modest increase of 0.7%.
Despite these gains among major cryptocurrencies, the wider market has not experienced a similar upturn. The CoinDesk 20 Index (CD20) remains slightly down over the past 24 hours, though smaller tokens like DEXE and BEAT have surged by 8% and 5%, respectively.
Nonetheless, the recent rebound has been met with considerable skepticism from analysts, especially when evaluating bitcoin's price in relation to its simple moving average (SMA).
“BTC has clawed back to $64K but nothing behind it. The 200-week SMA near $62.2K held the weekend dips, and that line with the $60K shelf is what separates a base from a deeper leg, while $66K to $68K caps the upside,” analysts from Marx stated in an email.
“We buy near the 200 week and sell into resistance, we do not chase the middle,” they added.
This cautious view is supported by other technical analysts, who caution that bitcoin's daily chart is forming an "ominous bear flag." If this pattern breaks downward, one analyst warned that the next target could be $54,000.
Derivatives Market Analysis
- Bitcoin's trading volume over 24 hours surged by 30% to $129.9 billion, while open interest (OI) remained stable at around $108 billion. Liquidations rose by 41% to $212 million, with long positions accounting for $118.4 million of that total.
- BTC futures positioning has notably decreased since open interest peaked at 801K BTC on June 4, now standing at 722K BTC, a slight drop from Sunday. Ether's OI reflects a similar trend.
XRP is the exception, with OI in the fourth-largest non-stablecoin token by market cap climbing to 2.35 billion tokens, the highest level since the October crash. Funding rates are slightly positive at around 4%, indicating increased demand for upside exposure. However, the 24-hour CVD remains negative, complicating the bullish outlook. This suggests that sellers are executing market orders and driving price movements, rather than buyers accumulating positions passively. On the chart, XRP appears weak following a recent breakdown of a bear flag. - SOL's OI reached a record high of 72.11 million tokens, increasing the likelihood of a volatile price movement in either direction. Funding rates and OI-adjusted CVD are sending mixed signals, similar to XRP.
Among the top 25 cryptocurrencies, only BTC, TRX, and ETH show positive CVD, while nearly all others reflect negative values, indicating that short sellers are leading the market-wide price action. - BTC and ETH's 30-day implied volatility indexes are remaining within recent ranges, suggesting stable markets without a rush into options for either protection or speculation.
- In options trading, a trader executed a bull call spread on HYPE, betting on a price rally above $100 and as high as $150 by the year's end. This trade occurred on the decentralized derivatives platform Derive.
- On Deribit, BTC and ETH puts continue to trade at a premium compared to calls, indicating ongoing stronger demand for downside protection.
Token Updates
- The market cap of Taiko's native token, TAIKO, plummeted nearly 30% to $14 million after the Ethereum layer-2 network suspended its chain and instructed users to withdraw their funds following a bridge exploit.
- The attacker reportedly took off with around 2 million TAIKO, valued at approximately $170,000, and is believed to have moved these tokens to the MEXC exchange.
- The protocol confirmed that its chain-state verification mechanism was compromised. This means that the security assumptions supporting all Taiko bridges, which facilitate the transfer of tokens across blockchains, are no longer reliable.
- Cross-chain bridges have become the most significant security threat to DeFi users this year. The $292 million KelpDAO hack in April, one of the largest incidents of the year, was also a bridge-related exploit.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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