BlockBeats News, June 8th, Bitcoin remained above $63,000 on Monday, continuing the around 4% increase from Sunday. This rebound is related to Strategy's CEO Michael Saylor once again signaling additional purchases, widely seen as a significant positive for the market.

Currently, the Bitcoin price is hovering around the key 200-week moving average, a level historically viewed as a crucial support area for trend reversals. Alex Kuptsikevich, Chief Market Analyst at FxPro, stated that the current market sentiment index has dropped to 8, resembling the mid-2022 scenario when the downward momentum weakened, but a true trend reversal did not occur until several months later.

On the altcoin side, Audiera's BEAT token surged by 78% in the past 24 hours, while Siren (SIREN) rose by 33%. Both are Web3 AI projects on the BNB Chain, but the specific catalysts for the increases are not yet clear.

Derivative data shows that Bitcoin futures open interest has decreased from a historical high of 901,000 BTC four days ago to 716,000 BTC, indicating that last week's sharp drop was mainly driven by long liquidations rather than massive short positions. Ethereum open interest has also fallen from 15.98 million ETH to 14.58 million ETH.

Bitcoin Cash (BCH), on the other hand, exhibited a price decline accompanied by a simultaneous increase in open interest. In the past 24 hours, open interest grew by over 13% to reach 1.64 million BCH, the highest level since July 2023, while the price dropped by 8.3%, showing that bearish sentiment in the market continues to intensify, potentially facing further downside risks.

In terms of volatility, the 30-day annualized implied volatility index BVIV has fallen from nearly 59% last Friday to 50%, indicating some easing of market panic; Ethereum's implied volatility has also decreased from 75% to 69%.

In the Deribit options market, the five most active contracts in the past 24 hours were all call options, including the BTC call option with a strike price of $170,000 expiring on December 25th this year, reflecting some investors are still betting on a substantial Bitcoin rally before the end of the year.

However, the Gamma distribution of market makers near $60,000 may still amplify price swings, serving as a major risk factor for the market.

Furthermore, Zcash (ZEC) has rebounded by 45% from the recent low after developers proposed a fix for a privacy pool fakeout vulnerability. On the other hand, due to Ethereum briefly dropping below $1,600 last weekend, USDT's market cap momentarily surpassed that of ETH, but as ETH rebounded, their rankings have returned to normal. Currently, Bitcoin's market cap is still around $1.2 trillion, significantly higher than other cryptocurrencies.