Crypto Market Sees Relief Bounce Amid Partial Leverage Cleanout

The crypto market has experienced a significant relief bounce over the last 24 hours, with major assets exhibiting price increases across the board. Bitcoin (BTC) is trading near $67K, while Ethereum (ETH) and Solana (SOL) have outperformed BTC in terms of price growth.

This movement can be attributed to a partial leverage cleanout, which is characterized by elevated 24-hour liquidations alongside lower open interest. This development reduces immediate tail risk but does not guarantee a trend.

However, the market's structure still reads defensive, with dominance staying high and sentiment remaining in extreme fear. The Fear and Greed Index currently stands at 16 out of 100, indicating an extremely fearful market sentiment.