Bitcoin's attempted recovery hit a wall at $78,000 on Wednesday, following a volatile stretch that saw repeated rejections near $82,000 last week. The largest cryptocurrency gained over $3,000 on Thursday after the CLARITY Act passed the US Senate Banking Committee, but the rally quickly fizzled, losing the $80,000 psychological level and later sliding to roughly $76,000 — its lowest in over three weeks. Buyers managed to push BTC back above $77,000 and briefly north of $78,000 earlier today, yet resistance at that level proved too strong, leaving the price hovering just below it at press time.
The broader crypto market showed mixed signals. Total market capitalization added over $30 billion in a day, approaching $2.680 trillion, while Bitcoin's dominance slipped slightly to 58.2%. Ethereum remained under pressure, trading slightly in the red but still above $2,100. BNB, SOL, DOGE, BCH and XMR posted modest gains of 1%–2%, but the standout performers were HYPE and ZEC.
HYPE surged 19% daily to trade near $58, just inches away from a new all-time high. Derivatives data highlighted aggressive bullish positioning: open interest for HYPE reached its highest level since February 19, backed by positive cumulative volume delta and slightly positive funding rates, indicating active market-order buying. ZEC climbed over 13% to well above $660, solidifying its place among the day's top gainers alongside DASH, MNT, ONDO and TAO.
Derivatives activity across the board underscored a market bracing for volatility. Crypto futures volume jumped 15% to $165.7 billion, open interest edged up nearly 1% to $128 billion, and liquidations soared 72% to $266 million. Bitcoin futures open interest remained stuck in a 720,000–750,000 BTC range for a seventh consecutive day, while options traders increasingly favored strangles for BTC and ETH, positioning for potential breakouts in either direction. The market's immediate focus remains on whether Bitcoin can reclaim and hold above $78,000—and eventually $80,000—to confirm a more durable recovery.
