Gate News, April 7: Bitcoin has been trading in a range for two straight months. The price highs are concentrated in the $72k to $75k range, while the lows are between $62k and $65k. A similar price pattern appeared last November through this January, when the market subsequently saw an overall downtrend.
In terms of derivatives data, the market as a whole is still in a consolidation phase. Bitcoin open interest (OI) is steady at about $16.7 billion, with little change from last week, indicating that speculative activity remains stable. The funding rate has returned to the neutral $0%–6% range; the previous negative funding environment drove a rebound associated with short-covering. Options market sentiment is trending toward stability, with the share of call options rising to 47%. However, the implied volatility term structure is inverted at the front end, suggesting traders are still prioritizing hedging downside risk in the short term.
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