Bitcoin is hovering around $74,000, and Ethereum is around $2,320, but the recent price movements have been really subdued. Since the sell-off in February, we've been in a range-bound market, so investors are divided on whether this is the bottom or just quiet before the storm.

Looking at the derivatives market, open interest is steady at $15.38 billion, and funding rates have turned positive. However, the implied volatility term structure has risen in the short term, indicating traders are cautious about near-term price movements.

The altcoin market is completely stagnant, with 97 out of the top 100 coins declining in the past 24 hours. The fear index remains low at 11/100, reflecting continued bearish sentiment. Over the past 24 hours, liquidations reached $218 million, with longs making up 77% and shorts 23%. For now, there are no clear signs of a breakout.