Bearish sentiment is mounting in the crypto market, with prediction platform Polymarket showing a 63% probability that Bitcoin could fall below $60,000 by the end of August. This prompted a one-word reaction from Dogecoin co-founder Billy Markus — “sigh” — reflecting the prevailing exhaustion among traders. Bitcoin has been sliding, down roughly 30% year-to-date, trading near $62,707 after dipping to $62,210 intraday. The weekend weakness was compounded by disappointing earnings from Coinbase and Strategy, raising concerns that speculative appetite is fading. Dogecoin also eased, falling 0.67% in a day to $0.069.
However, the following day brought a mixed picture. Bitcoin rebounded from $62,200 toward $64,200 but failed to break out, stalling twice within the $62,000-$64,000 range. This sideways action allowed large-cap altcoins to gain ground. Cardano (ADA) jumped over 5% to approach $0.20, with open interest in futures hitting a record 2.79 billion tokens. Avalanche (AVAX) and Polkadot (DOT) also surged more than 5%, while Ethereum (ETH), Solana (SOL), and BNB added around 1%. Total crypto market capitalization recovered roughly $40 billion to $2.24 trillion, though the improvement remained selective. Options data shows a market bracing for volatility, with notable open interest in the $60,000 put and calls at $70,000 and $72,000.
