Major cryptocurrencies are rising alongside gains in U.S. equities as oil prices shed the war premium built up in recent weeks. But broader market participation remains elusive and limited to only a few coins.

Bitcoin BTC$74,443.61 and ether (ETH) have risen 5% and 9%, respectively, in the past 24 hours as digital asset treasury firms like Strategy (MSTR) and Bitmine (BMNR) sustain strong demand and traders seek bullish exposure via futures. More importantly, perpetual funding rates are positive, but remain below 10% for both assets, indicating healthy demand for bullish bets without signs of overheating — a Goldilocks scenario.

Solana's SOL has bounced to the mid-$80s, but it has been here before several times in recent weeks and still doesn't offer directional clarity. A similar conclusion can be drawn for the payments-focused token XRP.

Analysts are bullish, but want to see BTC establish a foothold above $74,000-$75,000.

"A victory for the bulls in this battle will pave an easier path to the $87K–$90K range, where the 200-day MA and the November–January support are located. Optimism in global markets increases the chances of reaching these heights in the coming days, but before rising above $90K, Bitcoin may require a lengthy period of consolidation and cooling off," Alex Kuptsikevich, chief market analyst at FxPro, said in an email.

The digital asset services wing of the Marex Group stressed that bitcoin needs to hold above $74,000 without the market becoming overheated with excess leverage.

"If bitcoin can consolidate above 73k to 74k without funding overheating, this can extend. If it gives it back quickly, it confirms that the move was mostly headline and squeeze, not a true demand shift," Marex's crypto trading analysts said.

Select altcoins, such as ZEC, HYPE, and AAVE, and memecoins, such as PEPE, continue to rally. HYPE’s parent platform, Hyperliquid, is increasingly capturing share in the perpetual futures market from centralized exchanges (CEXs). Data shared by Hyperliquid News shows the decentralized platform’s share of open interest relative to CEXs climbed to a new all-time high of 6.9%.

The broader market, however, has yet to participate fully in the bitcoin rally. That's evident from traditional metrics measuring market breadth based on price performance filters.

For instance, BTC's price is now convincingly above its 50-day moving average — a bullish signal, according to analysts. However, only 51 of the top 100 coins (including BTC) are showing the same behavior, according to data source TradingView.

In traditional markets, the dollar index continued to fall, hitting five-week lows as war fears eased. The sustained decline supports the bullish case in risk assets. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

What’s trending

• U.S. and Iran weigh further truce talks with Trump blockade underway (Bloomberg): The U.S. and Iran weighed further negotiations to extend a two-week ceasefire as President Donald Trump presses ahead with a naval blockade to curb Tehran’s oil exports and extract concessions in peace talks.
• Oil prices slip and stocks gain as investors eye possible path to peace (The New York Times): Oil prices fell and stocks rose in early Tuesday trading as investors weighed a possible path to a peace deal, with the U.S. and Iran trading proposals for a suspension of Iranian nuclear activity.
• Japan's central bank cools rate-hike expectations, removing a key risk for bitcoin's rally (CoinDesk): The BOJ toned down interest-rate-hike expectations, signaling a more cautious stance amid uncertainty over how the Iran war will affect Japan's economy. Such decisions have been shown to spill over to the crypto market in previous years.

Today’s signal

The chart displays bitcoin’s daily price movements in candlestick format, overlaid with the Ichimoku Cloud indicator.

Prices have risen over 5% in 24 hours, surpassing the trendline drawn off the October high. This downward line represented the bear market characterized by prices forming lower and lower highs. The breakout, therefore, points to a major demand revival and points to more gains ahead.

The case for a rally to $80,000 and higher would strengthen further if prices move above the Ichimoku Cloud, a technical indicator developed in the late 1930s by Japanese journalist Goichi Hosoda and popularized in the 1960s. The cloud helps visualize trend direction and momentum, with price trading above it typically signaling a stronger bullish structure.