Bitcoin Retreats from Recent Peaks as Traders Monitor CME Gap and DeFi Hack Aftermath

The cryptocurrency market has returned to a familiar range after a brief ascent to its highest level since early February on Friday. Bitcoin is currently trading just below $75,000, while ether has dropped to $2,300, significantly lower than Friday's peaks of $78,300 and $2,460. A key factor for traders to consider is the bitcoin futures market on the CME, which closed at $77,540 on Friday and opened at $74,600, creating a 'CME gap' of 3.8% to the upside. A similar gap occurred last week and was filled by the end of the day on Monday. Bitcoin has gained 1.5% since midnight UTC, indicating a potential shift in sentiment after a volatile weekend. The market decline over the weekend was exacerbated by the halt in shipping through the Strait of Hormuz, which led to a surge in crude oil prices from $78 to $88 per barrel. This, in turn, weighed on risk assets, with Nasdaq 100 and S&P 500 futures both down by 0.59% since midnight. Derivatives positioning and token trends are also being closely watched.