Bitcoin Traders Eye 113K–115k, While Alts Get Decimated Again: Crypto Daybook Americas

Market Overview - Bitcoin is currently priced around $111,000, with a 2% decline in the last 24 hours, reflecting a cautious but stable outlook amid the U.S.-China trade war impacting investor risk appetite [1] - The broader crypto market experienced a 3.8% decline, following a significant $500 billion crash last week, indicating a fragile recovery [2] Market Sentiment - Analysts suggest the recent market decline is a controlled deleveraging rather than a panic sell-off, supported by stable funding rates and modest outflows [3] - Traders are optimistic about market stabilization, as evidenced by numerous short straddles and diagonal calls clustered around the $113,000 to $115,000 range, along with downside protection through put calendars at $112,000 [4] Correlation with Gold - Bitcoin's price correlation with gold has reached 0.9, the highest in years, indicating that investors are increasingly viewing Bitcoin as a hedge during geopolitical or economic stress [4] Institutional Activity - Analysts at QCP Capital note that a setup for a renewed rally may be forming due to continued institutional treasury accumulation and steady inflows into spot exchange-traded products [5] Upcoming Events - A series of significant events are scheduled, including the launch of OpenxAI's public mini app builder and the listing of OwlTing on Nasdaq, which may influence market dynamics [5]