Bitcoin dropped roughly 3.6% in 24 hours, hitting an intraday low of $61,860 before finding support just above $62,000.This slide dragged its market capitalization down to $1.25 trillion and wiped nearly 3% off the total crypto market cap.
Key Takeaways:
Bitcoin fell 3.6% to an intraday low of $61,860 as the aggregate crypto market cap declined by nearly 3%.The rout triggered $171 million in crypto liquidations, forcing 11,202 Coinglass traders out of positions.Tx co-founder Mike McCluskey warns that a $10.6 billion options expiry on June 26 will test the $60,000 mark.McCluskey added that the upcoming June 26 options expiry on Deribit introduces further complexity, with roughly $10.6 billion in notional value on the line. The concentration of open interest paints a clear picture: nearly 80% is currently out of the money, anchored by heavy positioning at the $60,000 put and $80,000 call strikes.
“While ‘max pain’ sits near $74,000, I’m skeptical of its ability to pull price action higher,” McCluskey said. “Instead, these levels serve as a barometer for how overextended positioning has become. The $60,000 mark represents a very real technical and psychological threshold that has already faced interrogation this month.”
