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Bitcoin faces a $9.25 billion options expiry on June 28, with bulls needing to hold $60,000 support to avoid an $820 million put-option scenario. Futures
Bitcoin is approaching a significant $9.25 billion options expiry on June 28, with market participants closely watching the $60,000 support level as bulls attempt to counter recent downside pressure [2]. The outcome of this expiry could see $820 million in put options favored if Bitcoin's price falls below this key threshold [2].
| At a glance | |
|---|---|
| Options Expiry | $9.25 billion on June 28 [2] |
| Key Support | $60,000 [2] |
| Call Open Interest | $4.4 billion [2] |
| Put Open Interest | $2.25 billion [2] |
The upcoming Bitcoin options expiry on June 28 shows a put-to-call ratio of 0.51, indicating a higher call open interest of $4.4 billion compared to $2.25 billion in put options [2]. However, if Bitcoin's price remains below $65,000 at 8:00 am UTC on June 28, only $440 million of these call options will be in the money [2]. Bulls are focused on sustaining the $60,000 support to prevent a scenario where put options gain an $820 million advantage [2].
Recent price action has seen Bitcoin peel back to $62,000, with futures traders cutting risk, although a week-long trend of positive funding rates persists [1]. Liquidations have been relatively small in dollar terms but one-sided, with approximately $47 million in long liquidations versus $4 million in short liquidations on Wednesday [1]. A cluster of long positions near $61,000 suggests that a drop into this zone could accelerate further downward movement [1]. Despite investor appetite in the current range, driven by spot market flows and BTC ETF buying, futures activity remains the primary driver of price moves [1]. The Crypto Fear & Greed Index indicates market sentiment is currently in the "fear" category [1].
Bitcoin recently pushed towards a resistance level around $77,400, which had previously acted as a ceiling [4]. On Saturday, a bullish surge took BTC to $77,439 before sellers pushed it back to $74,500 [4]. Sunday saw another retest of the $77,400 to $77,430 zone [4]. The cryptocurrency is currently trading at $77,490, holding above $77,400, but a convincing close above this zone with sustained support is needed to confirm a bullish case [4].
The next target for bulls is identified as a CME gap around $79,000, specifically $79,450 [4]. However, a thick resistance band at $79,450 suggests strong selling pressure could be met there [4]. Conversely, a rejection at $77,400 could push Bitcoin back into a descending channel, bringing attention to the recent CME Friday close of $75,535 [4]. Losing $75,000 would diminish recovery attempts, potentially leading to lower support at $73,700 [4]. CME gaps have historically been filled over 90% of the time [4].
| Key Price Levels | |
|---|---|
| Immediate Resistance | $77,400 - $77,430 [4] |
| Next Bullish Target | $79,450 (CME gap) [4] |
| Immediate Support | $75,535 (CME Friday close) [4] |
| Lower Support | $75,000, then $73,700 [4] |
| Critical Options Support | $60,000 [2] |
The current market environment reflects a battle between futures-driven price movements and underlying investor appetite, with the upcoming options expiry posing a critical test for Bitcoin's short-term direction [1, 2].
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