Bitcoin’s weekend rally faces a $66k trap as traders still hedge for another drop
Bitcoin moved back above $62,000 after a weak US jobs report reduced expectations for a near-term Fed rate hike and pressured the dollar. June payrolls rose only 57,000, well below forecasts, while earlier months were revised down and unemployment stayed at 4.2%. Crypto got a softer macro backdrop heading into the holiday weekend. Still, options markets remain cautious. Bitcoin puts continue to trade above calls, though the one-week skew has eased from 25% to about 16%, showing some fear has faded but hedging remains elevated. A large July 17 options structure suggests a likely trading band around $66,000 to $68,000, which could act as a ceiling for the rebound. Thin holiday liquidity may amplify moves in either direction. Holding above $62,000 could extend the bounce toward that range, while a rejection near $66,000 or a break below $60,000 would revive downside pressure and reopen the low-$57,000 area.
