ZKJ is currently experiencing a high-volatility phase under a deleveraging backdrop, with short-term capital flows and geopolitical risk sentiment becoming the dominant variables. The recent increase in trading volume and the price breakout above the 0.020 level reflect stronger bullish confidence. If ZKJ can effectively break through the 0.0218–0.0220 resistance band, a new round of upward momentum may be triggered. It is recommended to closely monitor the position structure and volume after the breakout. If ZKJ loses the 0.0193 support, short-term support will come under greater pressure, and risk prevention should take priority. Strategically, short-term long positions are advised but position sizing should be controlled, with a close eye on Bitcoin volatility and changes in external risk appetite.

Recently, the open interest in Bitcoin futures dropped from $42 billion in October 2025 to around $21 billion currently, fully indicating that the market's overall deleveraging process is quite deep. In this low-leverage environment, the risk-control threshold declines, and even small capital inflows can trigger significant price volatility. After ZKJ entered a consolidation phase in late March, its average daily trading volume contracted. Large single orders or capital rotation can cause notable price swings. Combined with Bitcoin’s funding rate swinging sharply between -12% and +7%, this shows that bullish and bearish sentiment shifts rapidly, producing an amplified short-term effect on ZKJ—meaning even slight positive news can prompt supply-side holders to wait and see, while bulls quickly step in, briefly pushing the price back to around 0.0205.

Bitcoin futures open interest has halved from $42 billion in October 2025 to $21 billion, indicating a deep market deleveraging. Current low leverage means even small capital inflows can significantly impact prices. Funding rates have fluctuated sharply between -12% and +7%, showing rapid shifts in market sentiment. Despite ongoing geopolitical tensions, no major liquidations have occurred since early February, reflecting a healthier position structure. Bitcoin awaits a clear directional trend amid heightened market sensitivity.

Analysis: The market has undergone a round of deep deleveraging, and Bitcoin is waiting to choose a direction.

The easing situation in the Middle East has driven Bitcoin back above the $72,000 mark, causing a chain reaction across all risk assets. After ZKJ hit a new phase low of about 0.01875 on April 12, it quickly rebounded by more than 6% the next day as market risk sentiment recovered, momentarily returning to the 0.020 level on April 13. Several consecutive days of prices trending upward in the 0.0193–0.0201 range indicate market sentiment toward risk assets is recovering. As seen from the decoupling trend between Bitcoin and US stocks, ZKJ also performed a ‘fall first, rise later’ pattern under specific favorable conditions, with short-term bulls rotating quickly at key levels and trading volume surging accordingly.

Bitcoin surged past $72,000, rising about 3% to approximately $72,300, driven by easing tensions in the Middle East. Israeli Prime Minister Netanyahu reportedly initiated talks with Lebanon, supported by Trump's call for reduced Israeli military actions to maintain a ceasefire. Bitcoin's 24-hour gain of around 2% outpaced other major cryptocurrencies and coincided with a rebound in U.S. stocks and a drop in oil prices. Bitcoin is increasingly decoupling from tech stocks, influenced more by geopolitical and risk-averse factors.

Analysis: Bitcoin breaks through $72,000, Middle East ceasefire expectations boost market sentiment.

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

Bitcoin’s rally to $74,000 and approach to the $75,000 ‘volatility release point’ suggests an increased risk of negative gamma effects in derivatives markets. Against this background, when BTC maintains its position above key moving averages or resistance levels, market sentiment tends to become more consensual, and price volatility further intensifies. Since ZKJ closed at 0.02055 on April 16, breaking through the repeatedly tested 0.020 resistance, trading volume has recovered to over 4.3 million lots, indicating that bullish confidence is gradually strengthening. The current resistance levels to watch are 0.0218 (March 24 high) and the 0.0220 region. If these can be decisively broken and held, a new round of short-term upward movement is likely; on the other hand, if a pullback occurs, attention should focus on the validity of support at the 0.0193–0.0191 range.

Polyhedra Network

UBS: Still expects the Federal Reserve to cut interest rates by 50 basis points later this year.

China expected to keep benchmark lending rates steady after strong GDP data

The European Central Bank will raise interest rates in June as the Iran war drives inflation higher this year, a Bloomberg survey showed.

Important news from last night and this morning (April 16 - April 17).

Bank of Japan Governor: We need to simultaneously address rising energy prices and economic downturn risks; policy-making is very difficult at this stage.

BOJ chief avoids hints of April rate hike, shattering hawkish market bets

ECB policymakers play down April rate hike chances

Declining energy prices have moved the euro-zone economy back toward the European Central Bank’s base case and may mean interest-rate increases aren’t needed, according to Governing Council member Primoz Dolenc.

Fed’s John Williams Signals Support for Holding Rates Steady Ahead of FOMC Meeting

Israeli envoy warns of reaction if threatened, straining Israel-Iran relations

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ZKJ price today is 0.02, with a live price change of 4.24 in the last 24 hours. Convert, buy, sell and trade ZKJ on Bybit-eu.

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