Altcoins Surge as Bitcoin Holds Near $85,000
Bitcoin hovered near $85,900 on Monday, with prices briefly dipping to $85,000, while smaller cryptocurrencies stole the spotlight. Bitway's native token, BTW, surged 25% in 24 hours and 170% over the past month, leading gains among altcoins. Filecoin (FIL) and LayerZero (ZRO) also posted double-digit advances, with both tokens rising over 50% in the last four weeks.
The rally in smaller tokens contrasted with Bitcoin's tight trading range. Analysts identified $84,000 as a critical support level, warning that a break below it could push prices toward $80,000. On the upside, $87,150 emerged as a key liquidation zone. Meanwhile, Ethereum (Ether) held steady above $2,700.
Bitcoin derivatives positioning showed signs of cooling, with open interest stabilizing near $21.9 billion and funding rates dropping to 0-5% annualized. Total liquidations reached $163 million in 24 hours, with long positions accounting for 63% of the total. Options flow continued to favor upside bets, though the market appeared more balanced after recent volatility.
Among other altcoins, Near Protocol's NEAR token gained 4.5%, while Rain Protocol led decliners with a 5.6% drop. Large-cap DeFi tokens like Uniswap and Chainlink traded modestly lower. The broader market highlighted a rotation of capital away from major cryptocurrencies toward speculative smaller assets.