ESP remains under short-term pressure due to the Fed's hawkish tone and geopolitical volatility, with limited market risk appetite and a strong wait-and-see attitude among both long and short funds. Technically, 0.0700 is the primary support level; if 0.0660 is breached, the risk of further downside increases. On the upside, 0.0800-0.0820 serves as the main resistance zone, and a downtrend is unlikely to reverse without significant volume breakout above this area. On-chain and derivatives data are bearish, with capital flowing towards major coins. It is recommended to remain cautious, closely monitor volume and funding rate inflection points, and guard against further short-term selling pressure.

Although Bitcoin has risen over 5% in a week driven by spot buying, the derivatives market remains cautious, with both long and short funds in a wait-and-see mode. ESP did not strengthen in line with major assets, reaching only 0.0693 intraday before trending downward. This indicates that the market's risk appetite for mid- and small-cap assets is still insufficient, leaving short-term sentiment unable to provide sustained upward momentum.

Bitcoin rose to around $74,935 during the Asian session, up 0.7% in 24 hours and 5.4% weekly, driven mainly by spot buying rather than broad risk appetite. Derivatives markets show caution: perpetual contract funding rates remain negative, open interest declines, and options indicate higher demand for downside protection. This suggests a rebound, not a trend reversal, amid ongoing risk aversion and cautious sentiment despite gains.

Analysis: Bitcoin strengthens along with US stocks, but the options market still bets on downside risk.

Bitcoin recently surpassed $75,000 for the first time in 73 days, facing resistance near $78,000 with $74,000 seen as a critical support level for further gains. Market views diverge: bears cite weak macro liquidity and reliance on short-covering, while bulls highlight strong whale accumulation and potential breakthroughs above key moving averages. The broader market shows mixed signals amid geopolitical developments and fluctuating investor sentiment.

Trading moment: BTC encountered resistance at 78K, and it needs to hold 74K to aim for a breakthrough.

The global macro environment shows dual characteristics: easing Middle East tensions have slightly increased risk appetite, but hawkish statements from the Fed have pressured liquidity expectations. Under these circumstances, ESP has retreated from its April 14 high of 0.0782 to around 0.0680. This suggests that macro positives are difficult to translate into capital inflows under liquidity tightening, with the market favoring higher-liquidity major coins.

BitMart Research Weekly highlights easing US-Iran tensions and a hawkish shift in the Federal Reserve, driving a rebound in risk assets including crypto. US stocks, especially AI-related sectors, show strong recovery amid geopolitical risks. Inflation data signals potential upward pressure if oil prices stay high. Crypto markets follow US stocks with BTC and ETH leading, while altcoins remain volatile. Institutional inflows into Bitcoin ETFs and MicroStrategy’s increased BTC holdings indicate long-term confidence.

BitMart Research Institute Weekly Hotspot Analysis: US-Iran Easing Combined with Fed's Hawkish Shift, Crypto Market Follows Rebound to Form a Bottom

The Middle East ceasefire and US-Iran nuclear talks progress have eased geopolitical risks, pressuring oil prices and boosting global risk assets. The Nasdaq set a record 12-day winning streak, with tech and AI sectors attracting capital. Bitcoin rebounded above $74,000 amid steady ETF flows and balanced leverage liquidations. However, Democratic opposition delays Fed nominee Wash's hearing, increasing leadership uncertainty and market volatility risks.

Bitget UEX Daily Report | Hopes for Middle East Peace Rise, Nasdaq Hits Record 12 Consecutive Gains, Anthropic Releases New AI Model

On-chain and derivatives data both raise warning signals: spot cumulative net buying has turned negative, indicating dominant selling pressure; perpetual funding rates for long positions continue to fall, and short costs are declining. After ESP broke the 0.0670 support on April 19 with a surge in trading volume, this confirms a bearish bias in the capital flow. Short-term caution is needed against further selling.

On the daily chart, the 0.0700 level acts as short-term support; a drop below 0.0660 would open further downside and raises the risk of continued decline. The 0.0800-0.0820 zone is the main resistance range above; only a sustained breakout with increased volume can reverse the current weakness. It is advisable to keep monitoring volume changes and funding rate reversal signals to catch any potential rebound opportunities.

Espresso

Summary of Wash's Past Statements: How Will This Prospective "New Leader" Disrupt the Federal Reserve?

Gold: Inflation and Fed risks cap upside – ING

ECB: Lagarde Signals No Near-Term Rate Move – Danske Bank

Nikkei: Bank of Japan to hold rates steady in April

Fed Chair Nominee Kevin Warsh Vows Fed Independence Despite Trump’s Push for Rate Cuts

The probability of the Federal Reserve keeping interest rates unchanged in April has reached 100%.

US Treasuries are still pricing in a war in the Middle East that other asset classes have shrugged off, setting up a drop in yields as they catch up, according to Bank of America.

Lagarde: Broad fiscal support will force the European Central Bank to raise key interest rates.

Iran accuses US of attacking commercial vessel, escalating Strait tensions

Pentagon reports 415 US troops wounded in Iran, indicating ground involvement

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ESP price today is 0.07, with a live price change of -0.59 in the last 24 hours. Convert, buy, sell and trade ESP on Bybit-eu.

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