Bitcoin anchors near $70,000 as RAVE's 3,400% surge signals speculative froth

Crypto Daybook Americas Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin anchors near $70,000 as RAVE's 3,400% surge signals speculative froth Bitcoin and major cryptocurrencies remain relatively resilient. Surges in some smaller tokens showed there's still froth left in the market. By Omkar Godbole | Edited by Sheldon Reback Apr 13, 2026, 11:20 a.m. Make preferred on The failure U.S.-Iran talks over the weekend sent oil soaring, though bitcoin remained resilient. What to know : Bitcoin and major cryptocurrencies remain relatively resilient, even as renewed geopolitical tensions spur risk aversion in traditional markets and lift oil prices. Analysts say holding the $70,000 threshold is critical for bitcoin, with some forecasting a move toward $88,000 while others warn of a potential drop to around $66,000 before any bullish breakout. Speculative surges in obscure tokens like RAVE, along with fresh hacks and DeFi controversies, are fueling concerns that froth and shady activity could undermine confidence in a lasting crypto market bottom. Geopolitical tensions resurfaced following the breakdown of Iran-U.S. talks in Pakistan, driving risk aversion in traditional markets and lifting oil prices. Major cryptocurrencies, however, remain resilient, though questionable market activity in obscure tokens like RAVE and other negative developments create poor optics at an inopportune time. Bitcoin BTC $ 70,854.03 is down less than 1% over 24 hours, but not out and holds above the pivotal $70,000 level. Ether (ETH), XRP (XRP), solana (SOL) are resilient, too. BTC's immediate prospects depend on whether it can stay above $70,000. "70k is the line. It has been defended repeatedly because it is where dip buyers show up and where short term risk is managed," Marex analysts wrote in an email. "If it holds, the market can stabilize quickly. If it breaks, the next move tends to accelerate because liquidity below the figure is thinner than people think." Beyond the war headlines, fundamentals such as flows and macroeconomic factors favor a sustained move above $70,000 and toward $88,000, other analysts said. The optics, however, are turning increasingly negative, with obscure tokens suddenly rallying to prominence in a sign of froth. RAVE surged an eye-watering 248% in 24 hours and over 3,400% in a week, breaking into the top 50 by market capitalization. The token is tied to RaveDAO, which is pitched as a bridge between EDM culture and blockchain-based experiences, a narrative that, on the surface, appears compelling. Social media posts suggest team-led buying and cases of liquidations in thin liquidity as catalysts for the surge. Multiple observers point to a significant portion of supply being controlled by insiders, with large wallets reportedly moving tokens to exchanges. This kind of pump suggests that speculative froth remains in the market, undermining the view that bitcoin has already bottomed. Durable bottoms typically form only after such excesses and opportunistic schemes have been flushed out. Persistent hacks or exploits and shady trading aren't helping either. Early today, an attacker exploited a vulnerability in Hyperbridge, minting a large amount of bridged DOT and extracting funds. At the same time, controversy continues to swirl around World Liberty Financial and its dealings, including rising tensions with early backer Justin Sun. Taken together, these developments may undermine confidence, keeping the bulls at bay even as BTC shows resilience. In another signal that not everyone is bullish, veteran analyst Peter Brandt said he expects prices to drop to $66,000 before recovering. BTC's turn lower from a key trendline resistance also suggests that . Stay alert! What's trending Trump blockade of Iran ports risks widening war to high seas (Bloomberg): Trump’s threat to blockade the Strait of Hormuz after talks with Iran collapsed risks widening a war now entering its seventh week, lifting oil prices and raising the prospect of further economic pain worldwide. WLFI threatens legal action against Justin Sun after he accuses Trump-linked project of deceptive DeFi deals (CoinDesk): WLFI escalated its dispute with Justin Sun into a potential legal fight late Sunday, as tensions over its recent loan to a connected DeFi project spilled into a public confrontation. Alameda moves $16 million in Solana's SOL token for possible creditor distribution (CoinDesk): Bankrupt crypto exchange FTX's sister company, Alameda Research, unstaked roughly $16 million worth of Solana's SOL token and moved it to an address linked to creditor repayments, according to data source Arkham. Alameda used the same distribution address about a month ago. Orban loss in Hungary is a big moment for the EU. Here’s why (The New York Times): Orban often stood in the way of critical policy goals for the European Union. His loss in Sunday’s Hungarian election was greeted by top EU leaders as a potential moment for change. Today's signal BTC vs HYPE in 2026. (TradingView) The chart compares bitcoin's price performance with Hyperliquid's HYPE token. While bitcoin has dropped 19%, HYPE has surged 60% this year. HYPE's outperformance shows that native tokens of projects with strong use cases and activity figures can decouple from weakness in the market leader. Hyperliquid has become a go-to venue for traders looking to speculate on traditional assets and macro-driven events, particularly over weekends. That’s evident in the surge of oil futures activity on Hyperliquid, where Brent and WTI contracts have collectively seen $1 billion in open interest over the past 24 hours. Crypto Daybook Americas More For You Institutions' bitcoin positioning lacks conviction; CPI, Iran talks might help By Omkar Godbole | Edited by Sheldon Reback Apr 10, 2026 Institutions are betting on the bitcoin price hitting $80,000 through call options, but they are also buying downside protection. What to know : Bitcoin's price has stalled at $72,000 as investors hesitate to commit ahead of geopolitical and economic news. While institutions are betting on the bitcoin price hitting $80,000 through call options, they are also buying downside protection. Friday’s U.S. inflation data and the weekend’s U.S.-Iran truce talks may help provide a... Read full story Latest Crypto News Crypto markets stall as oil surges past $100 on Strait of Hormuz blockade 44 minutes ago The one metric investors are overlooking in Michael Saylor’s Strategy 1 hour ago StarkWare cuts jobs in reorganization as Starknet revenue plunges 99% from peak 1 hour ago Clarity Act returns to U.S. Senate, Bank earnings: Crypto Week Ahead 3 hours ago Bitcoin hit by $20 million-an-hour selling pressure above $70,000 3 hours ago Attacker mints $1 billion Polkadot tokens on Ethereum, ends up stealing just $250,000 4 hours ago Top Stories Alameda moves $16 million in Solana's SOL token for possible creditor distribution 4 hours ago WLFI threatens legal action against Justin Sun after he accuses Trump-linked project of deceptive DeFi deals 5 hours ago Bitcoin hits a wall – the chart just challenged the $88,000 bull case 5 hours ago Super PAC tied to Tether makes first ad buy from firm founded by Tether's U.S. CEO 22 hours ago Strategy signals another bitcoin buy as company needs just 2% annual BTC growth to cover dividends 6 hours ago CFTC Chair Mike Selig argues for agency's 'exclusive regulatory authority' in prediction markets fight: State of Crypto 17 hours ago In this article BTC BTC $ 70,854.03 ◢ 0.90 %