The crypto market has dragged itself upward following last week's sell-off that saw BTC and ETH test major levels of support. BTC now trades around $111,000 while ether is back above $4,000. There are also slivers of strength in the altcoin market; with LINK rising by 14% and FLOKI notching a 27% gain over the past 24 hours. Sentiment is improving after last week's liquidation cascade that temporarily wiped $500 billion off the crypto market. However, BTC and ETH both need to remain above their respective levels of support at $110,000 and $4,000 to avoid continuation of the trend to the downside, which could accelerate as liquidity is low compared to earlier this month. Derivatives Positioning BTC options positioning remains firmly bullish, with a put-call open-interest ratio of 0.66 and a large build-up at the $140K strike, where over $2.4B in notional call exposure is concentrated. This indicates traders are continuing to price in upside momentum into year-end, even as spot volatility rises. Total open interest on bitcoin Deribit options has climbed to 427,746 contracts, marking a yearly high. The Dec. 26 expiry dominates ($14.3B notional), suggesting traders are extending bullish bets further out the curve while keeping tactical flexibility in shorter-dated options. ETH options show similar positioning, with call dominance around the $4K–$4.5K strikes and rising open interest into late December expiries, mirroring BTC's structure. Token Talk By Oliver Knight An increase in value across several altcoins, notably popular memecoin floki, resulted in an improvement in sentiment across the crypto market on Monday, although CoinMarketCap's altcoin season index remains at 26/100, indicating investor preference for bitcoin over speculative plays. Bitcoin dominance, a metric used to assess how much of crypto's total market cap can be attributed to BTC, is at 58.8%, an increase from this time last month when it was at 57.2%. While there were signs of recovery on Monday, several altcoins are still significantly lower than they were a week ago. Synthetix is down by 30%, with others including FET, ASTER and BNB all facing losses of between 15% and 25%. One of the drivers of positive sentiment on Monday was LINK, which rose by 14% after a series of wallets collectively withdrew $116 million worth of tokens from Binance, indicating accumulation following last week's crash. The average crypto relative strength index (RSI) is at 54.2/100, suggesting that the market is in a state of limbo as it distances itself from key levels of support but remains far off challenging major levels of resistance.