Analysis shows that Bitcoin failed to reach new highs, and the derivatives market is releasing bearish signals and pricing in deeper pullback risks

Bitcoin and the broader cryptocurrency market have fallen again, with BTC price giving back all of last week's gains, which had risen to $98,000. This sell-off in the crypto market aligns with the movement of U.S. stock index futures, with futures linked to the Nasdaq 100 index dropping over 1.9%, and S&P 500 index futures down 1.6%.

Additionally, the open interest in Bitcoin futures remains stable, with most major tokens' funding rates still positive. However, the open interest (OI) for DOGE, ZEC, and ADA futures has seen significant declines, indicating capital outflow. On some derivatives platforms, traders continue to price bearish options for BTC and ETH higher than bullish options, with traders pricing in a 30% chance that BTC will drop below $80,000.