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Bitcoin holds up as tech sells off, with $70K rally in focus

Bitcoin perpetual futures funding stayed near 8% and 30-day options delta skew was 13% on Monday, signaling traders still favored downside hedges even as the coin firmed.

Reported · Written up by our desk · Market Structure

Bitcoin traded with relative strength despite a recent sell-off in tech stocks, with investors weighing whether the move could extend toward a $70,000 level. According to Cointelegraph, Bitcoin’s resilience has been paired with a perceived decoupling from traditional markets as profit-taking hit memory-chip makers amid concerns about AI valuations.

Cointelegraph reported that Bitcoin failed to break above $65,500 during the past week, but later moved above $65,000 on Monday. It also cited Bitcoin perpetual futures, saying the annualized funding rate was around 8% on Monday, flat from a week earlier, and below the 12% level last seen on July 10.

Derivatives data also pointed to limited confidence in a sharp upside push. Cointelegraph said the Bitcoin 30-day options delta skew was 13% on Monday, with puts priced at a premium to calls, while the neutral range is typically between -6% and +6%.

Strategy’s cash position was also highlighted as a factor that could reduce near-term selling pressure. Cointelegraph noted that the company raised $263 million in cash by selling common stock and increased reserves to $3.22 billion, a step aimed at reducing uncertainty tied to unrealized Bitcoin losses on its balance sheet, as well as pressure around its dividend payout and convertible debt maturities in 2028 and 2029.

Latest closeBitcoin $65,900.74 ▲1.0%

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