BTC Tests 3-Month High Before Retreating as Altcoins Enter a Pause

Bitcoin briefly surged to $81,455 overnight, reaching its highest point since May 15 before retreating as Nasdaq futures slipped while gold and silver continued to gain.

BTC was trading near $79,850, down about 0.5% over the previous 24 hours after touching the overnight high. Bitcoin had not tested that level since May 15, when it was rejected around $82,800 and later dropped to nearly $57,000.

The broader market environment remains relatively favorable. Gold advanced 0.2% Friday, while silver jumped more than 2%. Nasdaq 100 futures fell 0.3%, extending the gap between Bitcoin and equities that has developed since the U.S. Treasury announced its bond buyback program on Aug. 19. Bitcoin has risen about 26% since then.

Altcoins have performed less strongly, with most major tokens losing between 2% and 3% since midnight. The market remains heavily focused on Bitcoin, reflected in the Altcoin Season Index reading of 34/100.

Derivatives Activity Remains Mixed

Crypto futures markets experienced increased position turnover over the past 24 hours rather than a clear shift toward a new directional trend. Open interest remained above $140 billion, while total trading volume increased nearly 10% to $222 billion.

The taker-volume balance has edged bearish, with short-side transactions making up about 51% of overall flow.

Solana continues to see elevated derivatives activity. SOL futures open interest has climbed to 70.88 million tokens, the highest level since early July, according to CoinGlass. However, the 24-hour open-interest-adjusted cumulative volume delta has moved below zero, indicating that sellers are becoming more aggressive.

CC led altcoins in open-interest growth, with futures positions increasing more than 5% over 24 hours to 328 million tokens. That puts positioning close to its March record of around 340 million and could leave the token exposed to heightened volatility.

Its CVD remains slightly positive, however, suggesting buyers still have an edge in recent trading activity.

Most other cryptocurrencies have negative CVD readings, with CC, TRX and HYPE standing out as exceptions. This points to broader selling pressure across the altcoin market.

Monero is also showing signs of crowded positioning. Its annualized perpetual funding rate has reached 67%, indicating that leveraged traders are paying heavily to maintain bullish XMR positions.

Options Traders Remain Relatively Bullish

Bitcoin’s implied volatility has continued to decline despite Federal Reserve Chair Kevin Warsh’s appearance at Jackson Hole.

The 30-day BVIV index has fallen to 41% from a recent peak of 50%, suggesting options traders are not anticipating a major volatility event from Warsh’s speech.

Deribit trading activity remains tilted toward calls. The $85,000 Bitcoin call expiring Sept. 26 recorded the highest 24-hour volume, while Ether options also showed stronger demand for call contracts.

TRUMP Leads the Altcoin Market

The TRUMP memecoin climbed 24% over 24 hours to approximately $2.80, becoming the strongest performer among major tokens despite no obvious news catalyst.

TRUMP futures open interest has jumped 57% over the past week to $188.72 million, according to CoinGlass. The increase indicates that leveraged traders are playing a major role in the latest rally.

Solana fell 2.6% since midnight UTC to around $106, reducing part of its 18% weekly gain. SOL recently reclaimed the $100 level for the first time since February and has managed to remain above it, although momentum has started to cool.

Zcash slipped 2.4% but is still about 41% higher over seven days. Following last week’s sharp short squeeze, the token appears to be entering a consolidation phase.

Monero was one of the few major tokens to move higher, gaining 2.2% since midnight to around $464 and bringing its weekly advance to 12.8%.

With the Altcoin Season Index at 34/100, Bitcoin remains the dominant force in the market. A sustained break above $82,000 could strengthen the bullish trend, while another rejection could extend the current consolidation across the crypto market.