The cryptocurrency market has continued its poor start to the week as the major cryptocurrencies are currently in the red. Bitcoin, the leading cryptocurrency by market cap, is trading around $80,700, down by less than 1% in the last 24 hours. Meanwhile, Ether has dropped below $2,300 after losing 2% of its value since Monday. HYPE, the native coin of the Hyperliquid DEX, is also down by 1.5% and is now trading below $42, breaking below its rising trendline support. The bearish narrative is supported by weakening derivatives metrics. Technical indicators also show early signs of weakness, suggesting a near-term correction. Derivatives data support a bearish bias HYPE is down 1.5% and is now trading at $41.
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