Bitcoin, ether little changed before U.S. inflation report: Crypto Markets Today

Bitcoin’s Price Rebounds as Market Eyes CPI Data: A Deep Dive into Crypto Trends

Bitcoin (BTC) is back in the spotlight, testing the $67,000 mark early Friday before facing resistance, though it remains about 1% higher since midnight UTC. Ether (ETH), the second-largest cryptocurrency, is rising at a slower pace, reflecting a cautious but optimistic market sentiment. As traders digest the latest price movements, the derivatives market is showing signs of renewed positivity, hinting at a potential shift in momentum.

The CoinDesk 20 Index (CD20), a benchmark for the broader crypto market, is little changed, up just 0.7% in the period. While this marks a recovery from yesterday’s U.S. trading, which saw the cryptocurrency market fall back toward last week’s lows, Bitcoin is still on track for a fourth straight week of declines. This is the longest falling streak since mid-November, raising questions about the sustainability of the current rally.

A slowdown in trading and fading volatility are weighing on volumes, as traders appear to be waiting for the U.S. Consumer Price Index (CPI) data release later today. A higher-than-forecast CPI reading could lift bond yields and the dollar, putting additional pressure on risk assets like Bitcoin. Conversely, a lower reading might signal easier monetary conditions, potentially boosting risk-taking and crypto prices.

Even so, it will take quite a jump to push Bitcoin’s price to $85,000, a level that Deribit’s chief commercial officer, Jean-David Péquignot, said would signal the largest cryptocurrency’s long-term rally is no longer “broken.”

Derivatives Market Shows Signs of Life

The derivatives market is showing signs of renewed life as open interest (OI) dropped to $15.5 billion, suggesting a cleanup of late-cycle leverage. Perpetual funding rates have flipped neutral to positive across all venues, now ranging between 0% and 8%. This broader optimism is being mirrored by institutions, as the three-month annualized basis spiked to just over 3%, signaling the first real uptick in professional conviction.

The Bitcoin options market shows returning call volume at 65%, even as the one-week 25-delta skew eased to 17.9%. Despite this “bottom-fishing” activity, the implied volatility (IV) term structure remains in short-term backwardation, confirming that traders are still paying a high “panic premium” for immediate downside protection.

Coinglass data shows $256 million in 24-hour liquidations, split 69-31 between longs and shorts. Bitcoin ($112 million), Ether ($52 million), and others ($16 million) were the leaders in terms of notional liquidations. The Binance liquidation heatmap indicates $68,800 as a core liquidation level to monitor in case of a price rise.

Token Talk: Pump.fun’s New Integration

In the world of tokens, Pump.fun, the Solana-based memecoin launchpad, is making waves with its latest integration. The platform has rolled out a new way for token communities to allocate fees directly through its mobile app with the inclusion of GitHub account integration. This integration offers a simpler way for creators to assign automatic payouts generated by a token’s community, and more social features are expected to be introduced in the future.

In practice, this means communities can start supporting creators on GitHub through a portion of the fees generated. To receive the fees, creators will need to claim them through the platform’s mobile app. Pump.fun was largely behind a major memecoin trading frenzy early last year that saw its monthly trading volume surge past $11 billion. Volume has since plunged to $1 billion last month, according to DeFiLlama data.

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