The price of Bitcoin rose over 1.2% to nearly $77,500 in the European morning, marking a 1.7% increase over the past 24 hours, with BTC currently trading at $78,595.39. The CoinDesk 20 Index, a benchmark for the broader digital asset market, also saw a 0.95% increase.
The gains were supported by above-average trading volume, with 24-hour activity exceeding its seven-day average by 15%, according to CoinDesk Research's data. However, derivatives markets paint a more cautious picture, with a 22.5% surge in open interest for the June 26 $76,000 put option, suggesting institutions are seeking downside protection.
Additionally, over $770 million in bitcoin has been transferred to exchanges in the last week, which could indicate significant selling pressure. Bitcoin's close correlation with the broader market, as evidenced by its 0.15% deviation from the CD20, implies that macroeconomic factors are driving its price.
Key technical levels to watch include $76,200 and $77,000, as traders weigh positive trends against defensive positioning in derivatives markets.