Bitcoin Rises to $77K but Trades Range-Bound Amid Negative Funding

Bitcoin has risen to approximately $77,250 after maintaining support at $75,000, although it has been trading between $75,000 and $80,000 since April 19, 2026. The uplift comes as the CoinDesk 20 Index (CD20) also shows a modest gain of 0.7%, with 14 out of 20 cryptocurrencies in the positive.

Despite the price increase, market indicators reveal a lack of strong conviction among traders. Open interest in Bitcoin futures remains constant at $19 billion, and negative funding rates imply that many market participants are shorting any upward movements. Funding rates on futures venues hover around -2% annualized, with only a spike to 37% noted on Deribit. Moreover, the three-month annualized basis maintains a subdued level of 1.5%, which points to ongoing institutional caution.

The sentiment in the options market skews bullish, with call options accounting for 58% of the trading volume over the past 24 hours. The easing demand for downside protection is reflected in the delta skew, which dropped from 9.5% to 8.6%. At the same time, the implied volatility term structure suggests that the market expects greater uncertainty in the longer term, with front-end volatility near 29% rising to approximately 45% for contracts expiring in March 2027.

Trading activity also indicates increased liquidations, contributing to a mixed performance among altcoins. In the latest 24 hours, $149 million worth of positions were liquidated, mainly between long and short traders. Bitcoin saw about $50 million in liquidations, followed by Ethereum with $29 million. Traders are particularly advised to watch the $75,400 level as a potential liquidation point for Bitcoin if prices decline.

While some altcoins have made gains, such as Monad (MON) soaring by 6.7% and other tokens like PENDLE and RAY increasing between 4.2% and 5.35%, the broader market remains volatile. Several DeFi tokens, including MORPHO and AAVE, are experiencing declines, underscoring the mixed reactions within the sector. Furthermore, the CoinDesk Overnight Rate (CDOR) indicates a return to normal market conditions following disruptions from the KelpDAO hack, signaling resilience within the DeFi space.