Bitcoin is trading near the $60,000 threshold, having briefly dipped to $59,023 in New York trading on Wednesday.
The move marks the first time the leading cryptocurrency has breached this psychological support level since October 2024, signaling a deepening downturn in the digital asset market.
The market is now facing a critical liquidity event: approximately $10 billion in notional value of Bitcoin options is set to expire.
By Thursday morning in Singapore, the price had stabilized slightly around $60,800, but the immediate downside risk remains acute.
The market is now facing a critical liquidity event: approximately $10 billion in notional value of Bitcoin options is set to expire.
This massive settlement cycle risks amplifying volatility and extending the selloff, particularly as market participants adjust positions ahead of the expiry.
The concentration of open interest at these levels suggests that any further slip below $60,000 could trigger automated selling and margin calls, exacerbating the downward pressure.