Bitcoin stabilises above cost basis while gold and oil rise

Bitcoin is holding firm above a number of crucial cost bases, while traditional investors are flocking to gold and oil in droves. The price of the largest cryptocurrency currently stands around $67.900, after a rise of 4.9% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In short:

• Bitcoin is moving through a shallow capitulation phase and stabilising above key cost levels
• Gold and oil rise while crypto volatility decreases
• Analysts see signs of a bottom forming in the current market

Bottom formation in sight

According to crypto analytics firm Glassnode, the current movement points to a bottoming process that is unfolding. The elevated yields are currently keeping Bitcoin anchored close to cycle lows, while traditional assets such as gold and oil are performing strongly.

The price is moving in what Glassnode describes as a shallow capitulation, with Bitcoin remaining below two key cost bases. This pattern suggests that investors are slowly reducing their positions, but without dramatic price drops.

Spot demand weak, perpetuals stronger

What is interesting is the difference emerging between various market segments. While demand for perpetual futures contracts is improving, the American spot markets are clearly lagging behind. This may indicate that many speculative traders remain active through derivatives, while traditional investors are more cautious with direct purchases.

Meanwhile, Bitcoin’s volatility has collapsed to relatively low levels, pointing to a market without major movements in either direction. This kind of volatility compression ahead of a bottom is not unusual; it suggests that the market must first flush out all panic sellers before new momentum builds.