- Hyperliquid price holds above key support as traders watch the $61.92 level.
- Bitcoin’s move around $63,000 could shape HYPE’s next direction.
- Hyperliquid’s total open interest has climbed to nearly $11 billion.
Hyperliquid (HYPE) has entered a crucial phase after retreating from its recent record high, with traders closely watching whether the token can stabilise above key support levels.
The latest pullback comes as broader cryptocurrency markets react to rising geopolitical tensions, leaving Bitcoin’s next move at the centre of attention.
However, while HYPE has lost momentum over the past week, the network continues to post strong trading activity, creating an interesting contrast between short-term price action and underlying platform growth.
Hyperliquid price tests support after weekly decline
HYPE is trading around $65, down 7.0% over the past seven days after reaching an all-time high of $76.87 on June 16.
The correction has pushed the token toward an important support area between $64 and $65, where buyers have started defending prices.
The next few trading sessions could prove decisive.
If the Hyperliquid price manages to reclaim $67 with stronger buying volume, the token could make another attempt at the $70 level.
However, a failure to hold the current support zone would shift attention to $61.92, which has emerged as the next major technical floor.
A break below $61.92 could expose the token to additional downside, with $60 becoming the next area traders are likely to monitor.
Bitcoin remains one of the biggest external factors influencing that outlook.
The broader market has been under pressure following renewed geopolitical uncertainty, and Bitcoin’s ability to remain above $63,000 is viewed as an important signal for risk assets across the cryptocurrency market.
If Bitcoin maintains above $63,000, it could provide enough stability for HYPE to consolidate. A move below it, on the other hand, could trigger another wave of selling across altcoins.
Technical indicators point to mixed short-term momentum
The latest technical indicators suggest that HYPE has not yet established a clear directional trend despite the recent correction.
The Relative Strength Index (RSI) currently stands at 47.99, placing it in neutral territory.
This indicates that the token is neither overbought nor oversold, leaving room for either buyers or sellers to take control depending on broader market conditions.
Exponential moving averages paint a more constructive picture over a longer timeframe.
HYPE continues to trade above its 50-day, 100-day and 200-day exponential moving averages (EMAs), signalling that the broader uptrend remains intact despite the recent decline.
At the same time, the token has dropped below its 10-day and 20-day EMAs, showing that short-term resistance remains in place before momentum can fully recover.
This combination of indicators suggests that while the long-term forecast remains positive, the near-term direction will depend on whether buyers can regain control around current price levels.
Hyperliquid platform activity continues to expand
Although HYPE has pulled back from its recent highs, activity on the Hyperliquid ecosystem continues to grow.
The protocol’s total value locked (TVL) stands at approximately $6.013 billion, reflecting continued capital committed to the platform.
At the same time, 24-hour trading volume remains close to $296 million, highlighting sustained market participation despite recent volatility.
Another notable development is the rapid growth in derivatives activity. Total open interest has climbed to roughly $11 billion, while real-world asset (RWA) perpetual contracts account for approximately $3.6 billion of that figure.
Real-world asset (RWA) open interest on Hyperliquid reached a new ATH of $3.6B
Total OI reached a new high for 2026 of $11B pic.twitter.com/FJyeuUq0ya
— Hyperliquid (@HyperliquidX) July 13, 2026
The increase shows that traders are expanding beyond crypto-native products into tokenised exposure linked to traditional financial assets.
The growth in RWA trading has become one of the defining trends for Hyperliquid during 2026, helping the platform attract additional trading activity even as digital asset prices experience short-term swings.
Key HYPE price levels to watch
The coming days are likely to be shaped by both technical price levels and broader market sentiment.
The first area to watch remains $64-$65, where buyers have so far attempted to defend support. If that zone holds and HYPE reclaims $67 on stronger volume, attention could quickly shift back toward $70.
On the downside, $61.92 has become the most important technical support. A sustained move below that level would increase the probability of a deeper correction toward $60, particularly if Bitcoin also loses support at $63,000.
For now, the Hyperliquid price finds itself at a pivotal point.
Short-term momentum has weakened following a 7% weekly decline, yet the broader technical structure remains constructive, while platform activity continues to reach new milestones.
Whether the token resumes its broader uptrend or extends its correction is likely to depend on Bitcoin’s next move and how traders respond around these key technical levels.
The post Hyperliquid price forecast: HYPE faces critical test as Bitcoin holds the key appeared first on CoinJournal.
