Analysis: Bitcoin rises above $77,000 but remains range-bound

According to CoinDesk, Bitcoin (BTC) rose slightly on Friday, increasing by 1.25% since UTC midnight to about $77,250, but it has still been fluctuating between $75,000 and $80,000 since April 19.

The futures funding rates are mostly negative, indicating that traders still prefer to short at highs; the open interest in Bitcoin futures is about $19 billion, remaining basically flat week-over-week, with a 3-month annualized basis of 1.5%. The options market, on the other hand, leans bullish, with 58% of the options traded in the past 24 hours being call options, and the demand for downside protection has eased.