Bitcoin weekend test: will $58,000 hold?

Bitcoin traded near $60,000 after a $10.6 billion options expiry on June 26 and about $1 billion in crypto futures liquidations in the following 24 hours. Options expiry cleared ahead of a pause in spot ETF trading that lasts until June 29, creating a 72-hour window for market positioning to settle.

Deribit data showed more than $10.6 billion in Bitcoin options expired, with roughly 80% of that open interest out of the money. The expiry’s max pain level sat in the low $70,000s, leaving substantial option positioning above the current spot price. The $60,000 put carried about $450 million in open interest before expiry and influenced trading through the week. Once positions from expiry are settled, dealers and traders will have clearer exposure levels.

Price moves after expiry produced nearly $1 billion in futures liquidations, with long positions taking the largest share of losses. Lacie Zhang, research analyst at Bitget Wallet, described the liquidation flush as removing excess long positioning and leaving the market on a cleaner base than the $58,000 to $60,000 range suggests. She added that further deleveraging could occur if key support levels fail.

Institutional flows pressured spot liquidity earlier in the week. Data from Farside Investors showed spot Bitcoin ETFs recorded more than $1.1 billion in outflows on June 24 and 25, translating into direct selling during U.S. trading hours. With ETF trading paused until June 29, native crypto liquidity-spot buyers, perpetual futures and on-chain holders-will need to absorb supply over the weekend without new institutional redemptions.

Market breadth remained uneven. Market data indicated Bitcoin dominance near 55%, with Bitcoin and Ether showing steadier holding patterns while mid- and small-cap altcoins saw heavier selling. Blue-chip layer-one tokens and yield-focused sectors attracted more defensive flows than smaller projects.

Key technical levels for the immediate session included intraday lows near $58,189 to $58,319, placing a near-term support band around $58,000 to $58,300. A sustained hold above $58,000 would put $60,600–$61,000 as the first reclaim zone, with $62,000 as a confirmation level. If $62,000 is reclaimed and held, the next upside reference lies around $66,000 to $67,000. A clear break below $58,000 that persists through the session would point to lower-range acceptance, with the next serious support cluster around $53,000 to $54,000.

The coming 72 hours, as expiry-related positions clear and ETF activity resumes, will determine how flows, on-chain accumulation and dealer positioning align for the start of July.