Bitcoin defends the $75,000 mark amid renewed bearish signals in the market.

Bitcoin hovered just above key support on Wednesday, trading near $75,000 after failing to sustain a move above $78,000 a day earlier. The pullback leaves the asset below the $76,000 level that Bitmine Chairman Tom Lee has flagged as critical for confirming a broader shift out of a bear market.

Weakness extended across much of the crypto market. Ether followed bitcoin’s lead, facing rejection at $2,150 before sliding toward the $2,000 level. It later stabilized, bouncing from around $2,050 to trade near $2,080.

Tokens tied to artificial intelligence, including RENDER, FET and NEAR, also lost momentum after Tuesday’s rally, slipping between 1% and 3% in early Wednesday trading.

Meanwhile, traditional markets continued to climb. Futures linked to the S&P 500 and Nasdaq 100 added roughly 0.3%, reaching fresh record highs and highlighting an ongoing divergence between equities and digital assets.

Derivatives activity pointed to rising bearish pressure. Crypto futures volume jumped 54% to $201 billion over the past 24 hours, while liquidations surged 87%, largely reflecting renewed participation after a U.S. holiday slowdown.

Bitcoin declined about 1% during the same period, even as open interest increased from 704,000 BTC to 740,000 BTC. This combination is often associated with strengthening downtrends. A negative cumulative volume delta (CVD) further suggests traders are actively building short positions, while funding rates remain relatively neutral.

Ether’s open interest climbed to a record 15.57 million ETH alongside similarly negative CVD readings, indicating growing short exposure after the asset broke below a key trendline that had supported prices since February.

Elsewhere, ZEC futures open interest fell for a third straight day to 2.30 million tokens as prices declined, suggesting traders are unwinding long positions rather than initiating new bearish bets.

Volatility is beginning to return to the market. Bitcoin’s 30-day implied volatility index rose nearly 3% to 37.35%, its first increase in 10 days, signaling renewed demand for downside protection.

Options data from Deribit shows the $55,000 September put as the most actively traded contract over the past day, pointing to expectations of a potential deeper drop. Activity has also concentrated around protective positions between $70,000 and $76,000.

Sector performance remained under pressure. The CoinDesk Computing Select Index dropped 2.2%, weighed down by weakness in AI-related tokens, while the DeFi Select Index fell 1.5%.

Despite the broader downturn, a few assets stood out. Hyperliquid’s HYPE token continued its strong run, climbing 5.5% and reaching a new all-time high. Monero also posted gains, rising 5% as it approached the $400 level.

CoinMarketCap’s Altcoin Season Index edged up to 36, indicating that while the broader market remains cautious, select altcoins are still showing pockets of strength.