Bitcoin stalls below key resistance as analysts clash over next move

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin stalls below key resistance as analysts clash over next move Despite a geopolitical "risk-on" boost, crypto markets remain range-bound with BTC hovering at $71,200 while altcoins like MANA and AERO show strength. By Oliver Knight , Omkar Godbole Apr 9, 2026, 10:31 a.m. Make preferred on BTC/USD (CoinDesk Data) What to know : Analysts are sharply divided; Bloomberg’s Mike McGlone warns of a potential "meltdown" to $10,000 if BTC fails to reclaim $75,000, while Fundstrat’s Tom Lee insists the market bottom is already behind us. While Bitcoin and Ether remain relatively flat, the altcoin market is showing signs of life with MANA and AERO rising 6%, though MANA’s gains appear driven by a 25% spike in leveraged open interest rather than spot buying. Traders are watching for a decisive break above $75,000; establishing support there is widely viewed as the necessary catalyst for a capital rotation into currently oversold altcoin sectors. The crypto market remains pinned just below its early-February ceiling, with bitcoin BTC $ 71,377.41 hovering at $71,200 and ether (ETH) trading at $2,185. The sideways crawl comes despite a risk-on boost from the recent US-Iran ceasefire, leaving analysts sharply divided on the next leg. Bloomberg's Mike McGlone said this week that BTC needs to reclaim $75,000 or risk a meltdown to $10,000. Fundstrat Tom Lee has taken a contrasting view, claiming that the "bottom is in" on Wednesday, although it's worth noting that his fund holds $10.4 billion worth of ETH. BTC is up by around 0.3% since midnight UTC while ETH is flat having outperformed the broader market on Wednesday, and while BTC has posted a modest gain, all eyes remain on whether this range-bound stability is a launchpad or a trap. Derivatives positioning Bitcoin's futures open interest (OI) has increased to 726,000 BTC, a one-week high, bouncing sharply from 693,000 BTC over the weekend. The tally has increased by over 1% in the past 24 hours, a sign of continued capital inflows despite spot price's stalled ascent. BTC's 24-hour cumulative volume delta (CVD) remains positive for the second straight day and perpetual funding rates hover just above zero. These datasets, coupled with OI increase, suggests a persistent bias for bullish plays. OI in ether, XRP and solana futures has also increased by 1% to 2%. However, CVD and funding rates for these tokens are slightly negative, which suggests growing demand for bearish bets. CVD readings for top meme coins like DOGE and SHIB remain negative – a signal some see as constructive for the broader market, as heavy bullish positioning in speculative tokens is often viewed as a sign of excess froth. Bitcoin and ether volatility indices continue to decline in a sign of market calm. 10x Research said the market is pricing just 2.5% swing in either direction on the back of Friday's inflation data. On Deribit, BTC and ETH continue to show a mild bias for put options, which offer downside protection, although its much weaker than a week ago. Speaking of flows, the $80,000 bitcoin call has seen the biggest increase in number of open positions in the past 24 hours followed by the $82,000 call. Token talk The altcoin market continued to impress on Thursday with the likes of MANA and AERO rising by 6% apiece, while decentralized finance (DeFi) tokens MORPHO and PENDLE rose by 3.7% and 2.7% respectively since midnight UTC. It's worth noting that MANA's move comes alongside a 25% increase in open interest, suggesting the move was backed by leverage as opposed to spot buying. The CoinDesk Computing Select Index (CPUS) and CoinDesk Smart Contract Platform Select Capped Index (SCPXC) were the best performing benchmarks on Thursday, posting gains between 0.4% and 0.5% while the broader CoinDesk 100 (CD100) is unchanged. Traders will be keeping a close on on whether bitcoin can break above $75,000 and establish a level of support, which would likely lead to a period of capital rotation into altcoins, many of which are still oversold following a selloff in February and subsequent period of consolidation. Crypto Markets Today More For You Encryption Supremacy: Zcash and Privacy in the Age of Scale By CoinDesk Research Mar 31, 2026 Commissioned by GenZcash Most crypto privacy models weaken as blockchain data grows. Encryption-based models like Zcash strengthen. CoinDesk Research maps the five privacy approaches and examines the widening gap. Why it matters : As blockchain adoption scales, the metadata available to machine learning models scales with it. Obfuscation-based privacy approaches are structurally degrading as a result. This report provides a comprehensive comparison of all five major crypto privacy architectures and a framework for evaluating which models remain durable as AI capabilities improve. View Full Report More For You Strategy’s STRC sees one of its highest volume days, with just one penny of volatility By James Van Straten | Edited by Jamie Crawley 41 minutes ago High yield structure keeps STRC pinned at par while enabling large scale bitcoin purchases. What to know : STRC recorded its seventh highest trading volume since launch, while staying anchored at $100, highlighting strong liquidity with near zero volatility. At-the-market issuance tied to STRC may have funded over 2,000 BTC purchases on Wednesday. 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