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Analysts eye potential breakdown as BTC price repeats familiar pattern: Crypto Markets Today

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Analysts eye potential breakdown as BTC price repeats familiar pattern: Crypto Markets Today

The crypto market is trading sluggishly within the range it has held for two months, with bitcoin changing hands at $69,000 and ether (ETH) at $2,130.

The range-bound pricing dates back to Feb. 6, with several peaks between $72,000 and $75,000 and troughs between $62,000 and $65,000.

A similar two-month pattern occurred between November and January before a price breakdown, leading analysts to suggest a similar scenario may play out this time around.

Much still depends on the conflict in Iran, with U.S. President Donald Trump’s threats of “obliteration” falling on deaf ears thus far. Brent crude oil remains at $107 per barrel, which will have a knock-on effect on inflation over the course of the year unless it declines.

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Derivatives positioning

  • The market continues to consolidate as bitcoin open interest (OI) stabilizes at $16.7 billion, little changed from last week and indicating that speculative activity remains flat.
  • Funding rates have moved into a neutral 0%-6% range, following a period of negative funding that likely fueled the initial relief rally through short covering.
  • With the three-month annualized basis also little changed over the week, institutional conviction remains cautious, suggesting that while the immediate downside pressure has eased, the big players are not yet positioning for a major breakout.
  • Options sentiment is stabilizing as call dominance reaches 47% and one-week skew drops to 16% from 19% last week. However, the implied volatility term structure’s front-end backwardation confirms that traders are still prioritizing immediate downside protection over long-term growth expectations.
  • CoinGlass data shows $163 million in 24-hour liquidations, with a 60-40 split between longs and shorts. BTC (64 million), ETH ($35 million) and others ($16 million) were the leaders in terms of notional liquidations.
  • The Binance liquidation heatmap indicates $69,500 as a core level to monitor in case of a price rise.

Token talk

  • The altcoin market has been surprisingly buoyant recently, despite broader market apathy. Since midnight UTC privacy tokens zcash (ZEC) and dash (DASH) rose by 6.7% and 3.1%, respectively, and there were also notable gains for FET, PUMP and RENDER.
  • The bitcoin-dominant CoinDesk 20 (CD20) index gained 0.3% on Tuesday, while being outpaced by the CoinDesk Memecoin Index (CDMEME) and CoinDesk Computing Select Index (CPUS), a sign of the relative strength of altcoins compared with crypto majors.
  • The recent bounce in altcoins has not been uniform, however. AI tokens, privacy tokens and the likes of HYPE and ALGO have performed well, while other market segments have tumbled. Over the past 90 days ethena (ENA) has lost 66% of its value, while TIA, LDO, SUI and ARB have all fallen by more than 50%.
  • That’s a divergence from previous cycles, when altcoins moved in unison. It now appears the market is maturing to a point where assets may be moving based on real-world impact, as opposed to hype and overzealous roadmaps.

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Crypto World

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

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South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls.

The directive was announced on Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergency inspection triggered by the Bithumb payout incident.

The inspection found that three of the country’s five major exchanges were reconciling balances only once every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to halt trading during major mismatches were also found to be insufficient, raising concerns about how exchanges would handle large-scale errors.

In February, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) to 249 users during a promotional event. The exchange later announced that it recovered 99.7% of the funds the same day. The remaining 0.3%, 1,788 BTC that had already been sold, was covered using company reserves.

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Related: Bithumb seeks to reappoint CEO despite recent controversies: Report

South Korea mandates five-minute asset checks

Under the new measures, exchanges must implement automated ledger-to-wallet reconciliation systems operating on a five-minute cycle. They will also be required to introduce defined criteria for triggering automatic transaction halts in the event of significant discrepancies.

Beyond reconciliation, regulators are pushing for sweeping changes to internal operations. High-risk processes like promotional payouts will require stronger oversight, including third-party cross-checks and multi-level approval systems. Exchanges will also need to separate high-risk accounts and implement automated verification tools for payments.

Top Korean crypto exchanges. Source: CoinGecko

Furthermore, external audits will shift from quarterly to monthly, while disclosures will expand to include detailed asset balances by wallet and ledger.

“The financial authorities and the DAXA plan to complete the rule changes needed to implement the improvement measures within April this year,” the FSC wrote.

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Related: South Korean brokerage Korea Investment & Securities eyes Coinone stake: Report

Bithumb delays IPO to post-2028

Last week, Bithumb announced it is now targeting an IPO after 2028, marking another delay from its earlier 2025 plans as it works through restructuring and regulatory pressure. The exchange said it will focus on strengthening accounting policies and internal controls through 2027, following an advisory agreement with Samjong KPMG.

Meanwhile, Naver Financial has also delayed its planned share swap with Dunamu by about three months, now targeting a shareholder vote on Aug. 18 and completion by Sept. 30.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

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