Analysis: Bitcoin's attempt to break $80,000 stalled; derivatives data shows a decline in market risk appetite.

According to Odaily Odaily, Bitcoin is facing significant resistance around $80,000, while the derivatives market continues to signal risk aversion. Analysts point out that short-term holders' cost base is concentrated around $80,000; a break above this level could trigger profit-taking selling pressure, thus limiting further upside potential. Meanwhile, the upcoming release of US March PCE inflation data, coupled with rising international oil prices and climbing US Treasury yields, continues to suppress the performance of risk assets. WTI crude oil briefly rose to $110, and restrictions on passage through the Strait of Hormuz also keep the energy market fragile. The Federal Reserve kept interest rates unchanged, but four officials dissented, the most since 1992, further exacerbating market uncertainty. Bitwise researcher Luke Deans stated that Altcoin have a 180-day correlation with Bitcoin and a Beta percentile of approximately 97% and 99%, respectively, meaning that most tokens will still behave as "highly leveraged versions of Bitcoin." Derivatives data shows that total open interest (OI) in the futures market fell by more than 2% to $119 billion in the past 24 hours, while trading volume increased by 26% to $208 billion, indicating that a large number of positions were liquidated, funds withdrew from the market, and risk aversion intensified. During the same period, exchanges liquidated over $500 million in leveraged positions, most of which were long positions, reflecting a concentrated blow to long positions amid a weakening market. Furthermore, BTC and ETH futures open interest (OI) declined by 2% and 1.7% respectively, and the 24-hour cumulative volume difference (CVD) for most major cryptocurrencies turned negative, indicating stronger selling pressure and a risk of further market decline. Deribit data shows that protective put option prices for BTC and ETH consistently outperform call option prices, while a large open interest in Bitcoin call options with a strike price of $80,000 forms a positive Gamma structure, suggesting that market makers may continue to sell hedges near this price level, further suppressing upside potential. (CoinDesk)