Svmuu News Bitcoin After a strong rally to $70,000 during Wednesday’s U.S. trading session, the price retreated and was trading at around $68,600 during Thursday’s Asian session, failing to effectively hold above the key psychological level.Since late February, BTC has generally maintained a range-bound trading pattern, having dipped to $62,500 earlier this month and touched $71,100 on February 15.Market participants note that in January, Bitcoin broke out of a similar trading range but subsequently fell rapidly from $98,000 to $60,000, forming lower highs during this downtrend, leading some traders to remain cautious about the sustainability of the current breakout.Derivatives data shows that the total open interest (OI) in crypto futures contracts has grown by over 6.6% to nearly $100 billion, an increase that outpaces the growth in overall market capitalization, indicating new capital inflows.In the options market, Deribit data shows that the Bitcoin’s rebound has driven increased demand for call options with strike prices between $85,000 and $90,000.However, the overall options structure remains skewed toward downside protection, with $60,000 put options currently the most popular position, boasting a notional open interest of over $1.4 billion, indicating that the market remains cautious about downside risks. (Coindesk)