Bitcoin is facing a critical test above $75,000 as selling pressure builds and the market searches for the structural support that would prevent the correction from extending further.
Bitcoin's drop back below $78,000 after a rejection near recent local range highs has left options traders positioned cautiously, according to new data shared by Glassnode. The firm said the options market continues to show compressed volatility expectations, elevated downside hedging demand, and a gamma structure that could amplify weakness if BTC moves toward the mid-$75,000 area.
The cryptocurrency market traded broadly lower on Friday ET, with selling pressure extending across major tokens as spot and derivatives activity cooled—signs of a more defensive, risk-off tone among traders. According to TokenPostMarket data, Bitcoin (BTC) was down 2.40% over the past 24 hours at $75,778.64, while Ethereum (ETH) fell 3.62% to $2,063.86.
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Bitcoin retreated Friday evening, falling to $75,120 per coin and marking a 2.8% decline over the course of the day. The daily decline added another bruise to what has already been a fairly miserable seven-day stretch, pushing weekly losses to roughly 5%.
Bitcoin derivatives traders are moving back into the market after an eight-month deleveraging phase, according to CryptoQuant analyst Darkfost, with Binance futures open interest now back above its 180-day moving average. The shift suggests risk appetite is returning after one of the longest reductions in leveraged exposure since the 2022 bear market.
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Despite the recent stabilization around the mid-$70,000 region, Bitcoin remains trapped in a transitional structure that still leans bearish on the higher timeframe. The chart displays a decline that began in the vicinity of $125,000 following the rejection.