Under the current deleveraging environment, market leverage is at historical lows, and marginal capital inflows have a significant amplifying effect on price volatility. Macro data such as the core PCE remains stable, boosting short-term risk appetite and attracting incremental funds back to high-beta assets. After sufficient turnover in the $0.0617–$0.0657 range, VELVET has broken out with rising volume and price. In the short term, watch for resistance at $0.108 and support at $0.0877. Strategically, if Bitcoin remains stable, it is advisable to participate in trend-following swing rebounds opportunistically, but strictly control positions and be wary of high volatility and drawdown risks.

Since October 2025, Bitcoin futures open interest has halved, and this round of deep deleveraging has pushed overall market leverage to historical lows. This means even small-scale capital inflows or outflows can amplify price fluctuations; at the same time, dramatic swings in funding rates from -12% to +7% reflect rapidly shifting long-short sentiment. Against this backdrop, the market has become extremely sensitive to any catalytic factors, with arbitrage and momentum-chasing strategies frequently alternating, cascading through the capital chain to altcoin contracts and driving up short-term volatility and trading activity.

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.

US core PCE rose by 3% year-on-year and 0.4% month-on-month, both in line with expectations, alleviating inflation uncertainty and allowing Bitcoin to consolidate around $73,000. Following this data release, risk asset appeal saw a short-term rebound, and speculative funds flocked back into high-beta contracts. While expectations remain for the Fed to maintain a tight stance in the short term, the market remains cautious about the subsequent direction of CPI and crude oil prices. Nevertheless, overall risk appetite has improved noticeably compared to before, bringing incremental capital opportunities to the altcoin sector.

From April 8 to 10, VELVET consolidated in the $0.0617–$0.0657 range, with trading volume holding between $600,000 and $900,000, reflecting pre-holiday wait-and-see sentiment. On April 11, as market risk appetite recovered, contract volume surged to $9.07 million, and the price jumped from $0.0636 to $0.0712 in a single day. In the next two days, bullish sentiment intensified, leading to surges from $0.092 up to $0.104 on high volume. Currently, short-term resistance sits at $0.108 and $0.1039, with initial support near $0.0877 and $0.0625. Coupled with the highly sensitive capital environment in this deleveraging context, if Bitcoin holds its support, VELVET may continue its swing rebound, but rapid pullback risk should be monitored closely.

Velvet

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VELVET price today is 0.08, with a live price change of -13.33 in the last 24 hours. Convert, buy, sell and trade VELVET on Bybit.

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