Bitcoin falls back to $64,000, with bears dominating the market

Deep Tide TechFlow message: On July 17, according to CoinDesk, after Bitcoin briefly hit a monthly high of $65,500 on Wednesday, it fell back to $64,000. Take-profit selling piled on top of losses, and an Iranian attack on U.S. military bases in the Gulf triggered a broad selloff across the crypto market. Since 00:00 UTC, BTC and ETH have each fallen 1.1% and 1.7% respectively. Shorts dominated the price action of most tokens, and negative cumulative volume delta indicates active market sell orders.

In derivatives, XRP futures open interest rose to a 10-day high of 2.21 billion units, and alongside the price drop, it typically signals a warming bearish sentiment. MORPHO rose against the trend by 3.5% to challenge the $2.20 resistance level. Bitcoin’s 30-day implied volatility index increased 2% to 38%. In the Deribit options market, call open interest for the $70,000 to $72,000 range increased, reflecting some traders betting on a price rebound by the end of July.