TechFlow News, March 5: According to CoinDesk, Bitcoin is currently trading sideways above $72,000, while Ethereum has edged slightly higher. The market has entered a consolidation phase following its recent breakout. Although Bitcoin has successfully held above the $70,000 level—previously a strong resistance zone—it has yet to launch the anticipated rapid rally toward $80,000. Expectations of easing tensions in the Middle East have buoyed risk assets; however, if shipping disruptions occur in the Strait of Hormuz and push inflation higher, the Federal Reserve may be compelled to maintain a more restrictive monetary policy. Derivatives data indicates that bullish sentiment remains moderately strong: Bitcoin futures open interest (OI) has risen to approximately 680,000 BTC—the highest level in nearly two weeks—while open interest for gold-backed tokens XAUT and PAXG futures continues to decline, suggesting some capital may be rotating back into major crypto assets as gold’s upward momentum slows. In the options market, demand for high-strike call options has increased, and the 30-day implied volatility remains broadly stable, reflecting relatively calm market sentiment.
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