Bitcoin stalls under $75,000 as analysts split on next move

Bitcoin price is stalling just below the early-February ceiling, hovering around $71,200 while Ether trades near $2,185. Despite a “risk-on” boost after a US-Iran ceasefire, the market remains range-bound and traders are watching whether Bitcoin can reclaim key resistance. The debate is sharply split. Bloomberg’s Mike McGlone warns Bitcoin could suffer a “meltdown” toward $10,000 if Bitcoin fails to reclaim $75,000. Fundstrat’s Tom Lee argues the bottom is already in. Derivatives data show bullish pressure but with caution. Bitcoin futures open interest has risen to about 726,000 BTC (one-week high) and perpetual funding remains slightly above zero. 10x Research volatility pricing points to roughly a 2.5% swing in either direction. Options positioning is mildly tilted toward downside protection, with the $80,000 BTC call seeing the biggest increase in new open positions. Altcoins are acting differently. MANA and AERO are up about 6%, while DeFi tokens like MORPHO and PENDLE also gain. However, MANA’s jump aligns with a 25% increase in leveraged open interest, suggesting leverage-led upside rather than purely spot-driven buying. Traders are effectively waiting for a decisive Bitcoin break above $75,000 and support formation there, which could trigger rotation into oversold altcoin sectors.