Bitcoin’s weekend test is whether the $58,000 drop was exhaustion or acceptance
Bitcoin is trading near $60,000 after sticky inflation, heavy spot ETF outflows, and a failure to hold the $59,000–$62,000 range. Core PCE rose 3.4% year over year, but the bigger driver was positioning: nearly $1 billion in crypto futures liquidations hit after BTC broke below $60,000, mostly long positions. The key near-term event is the June 26 options expiry, with more than $10.6 billion in BTC options expiring and most open interest out of the money; max pain sits in the low $70,000s. The $60,000 put strike is a major focal point, and once expiry passes that overhang should ease. ETF data showed over $1.1 billion in outflows on June 24–25, creating direct sell pressure during US hours, while trading is paused until June 29. BTC dominance near 55% suggests capital is rotating into higher-conviction assets rather than leaving crypto broadly. Weekend support is $58,000–$58,300. Holding that level and reclaiming $60,600–$61,000, then $62,000, would support a recovery. Losing $58,000 could open downside toward $53,000–$54,000.
