Bitcoin Bounces From $60K But Derivatives Signal Stays Bearish
Bitcoin recovered above $61,000 after dipping below $60,000, but a persistent bearish signal in derivatives markets suggests the relief rally may be fragile.
Bitcoin bounced above $61,000 on Thursday after briefly dipping below $60,000, its lowest level since October 2024, but a persistent bearish signal in derivatives markets suggests the relief rally may lack staying power.
The largest cryptocurrency by market cap added 1.1% since midnight UTC, recovering from Wednesday's drop that took it to around $59,800. Ether also rose 1.5% to trade near $1,644 after touching $1,550 on Wednesday. The gains coincided with a recovery in U.S. equities, with S&P 500 and Nasdaq 100 futures up 0.7% and 2.2%, respectively.
For crypto traders, the price action is encouraging but the derivatives market tells a different story. A key metric — the basis between futures and spot prices — remains in contango but at unusually low levels, indicating that leveraged long positions are not being rewarded. This persistent bearish signal suggests that professional traders are hedging or reducing exposure, even as retail buyers step in. The lack of strong futures demand could cap any upside, and a break below $60,000 might trigger a slide toward $52,000, according to some analysts. For real-time pricing context, check NowPrice's crypto page.
Looking ahead, traders will watch whether bitcoin can hold above $60,000 in the coming sessions. A sustained move higher would require a shift in derivatives positioning, possibly triggered by a dovish surprise from the Federal Reserve or a positive catalyst in the ETF flow data. On the downside, a close below $60,000 would confirm the bearish structure and open the door to lower support levels. The next major data point is the weekly jobless claims report, which could influence risk sentiment across both equities and crypto.