Bitcoin and ether recover from weekly lows but negative funding rates and liquidations suggest downside risks remain.
Bitcoin and ether rebounded from multi-day lows near $59,000 and $1,550, respectively, as U.S. equities recovered, but derivatives data signal persistent bearish sentiment. Nearly $1 billion in crypto futures positions were liquidated in 24 hours, with negative funding rates indicating short-side dominance.
BTC briefly dipped below $60,000 before climbing back above $61,000, while ETH rose 1.5% to $1,644. Implied volatility eased from Wednesday’s highs, though put-call skew remains elevated. Solana (SOL) fell below $60, extending a 75% drop from its September peak.
Analysts warn a break below $60,000 could push BTC toward $52,000, though the market has so far avoided further declines. S&P 500 and Nasdaq 100 futures rose 0.7% and 2.2%, respectively, supporting the overnight bounce.