Bitcoin Range-Bound, Analysts Clash on Next Move as Altcoins Show Signs of Life

The crypto market has been stuck in a range-bound pattern for quite some time now. Despite a geopolitical 'risk-on' boost from the recent US-Iran ceasefire, Bitcoin and Ether remain relatively flat at $71,200 and $2,185 respectively.

However, there are signs of life in the altcoin market, with MANA and AERO rising by 6% apiece. But it's worth noting that MANA's gains appear to be driven by a 25% spike in leveraged open interest rather than spot buying.

Traders are watching for a decisive break above $75,000, which is widely viewed as the necessary catalyst for a capital rotation into currently oversold altcoin sectors. The derivatives market is also showing signs of bullish sentiment, with Bitcoin's futures open interest increasing to 726,000 BTC and perpetual funding rates hovering just above zero.