SKN | Bitcoin Pauses Under $70K as Polkadot and Uniswap Power Altcoin Rally

Key Points

• Bitcoin remains locked in a $62,500–$71,100 range after briefly testing $70,000.
• Polkadot surged 21% ahead of its March reward cut, while Uniswap gained 15% following a governance proposal to boost revenue capture.
• Cosmos’ ATOM slid more than 6%, highlighting ongoing liquidity fragility in smaller altcoins.

Bitcoin Stays Range-Bound

Bitcoin cooled during Asian trading hours, hovering near $68,600 after briefly testing $70,000 in a volatile U.S. session.

Despite the recent rebound, BTC continues to trade within a well-defined range between roughly $62,500 and $71,100 — a band that has held for most of February. Earlier this year, a similar consolidation broke higher before reversing sharply, with bitcoin tumbling from $98,000 to $60,000 and forming a lower high in the broader bearish cycle.

Derivatives data shows total crypto futures open interest rising 6.6% to nearly $100 billion — outpacing growth in total market capitalization and signaling fresh leveraged participation rather than pure spot demand.

Volatility indicators remain subdued. Bitcoin’s 30-day implied volatility index (BVIV) sits near weekly lows, and perpetual funding rates have stabilized slightly above neutral, suggesting a mild bullish bias without excessive froth.

Altcoins Take Center Stage

While bitcoin stalled, select altcoins outperformed sharply.

Polkadot (DOT) jumped 21% over 24 hours as investors positioned ahead of a scheduled 50% reward reduction in March. Anticipation of lower issuance often sparks speculative accumulation.

Uniswap (UNI) climbed 15% following a governance proposal to increase protocol revenue capture across several layer-2 networks. The move suggests renewed interest in tokens with clearer fee-generation mechanisms.

By contrast, Cosmos (ATOM) fell more than 6%, underscoring the uneven nature of liquidity across altcoins. The drop occurred without a clear fundamental catalyst, reinforcing how thinner liquidity can magnify downside moves.

Major tokens such as Cardano and Ethereum also gained roughly 8.5% since Wednesday morning. Notably, open interest in ADA and ETH futures rose 21% and 15%, respectively — indicating that leverage, rather than spot inflows, may be driving much of the upside.

Options Market Signals Caution

On Deribit, bitcoin’s rebound triggered fresh demand for call options in the $85,000–$90,000 strike range. However, the broader options market still leans bearish, with puts trading at a premium.

The $60,000 put remains the most popular contract, holding over $1.4 billion in notional open interest — a sign that downside hedging remains firmly in place.

Fragile Momentum

With bitcoin pinned below $70,000 and altcoins flashing mixed signals, the market appears caught between renewed speculative appetite and lingering structural caution.

A decisive break above $71,100 would challenge the range-bound narrative. Until then, momentum in tokens like DOT and UNI may reflect tactical positioning rather than the start of a sustained altcoin cycle.