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Bitcoin faces $62,000 test with $1.17B of put open interest
A sustained move below $62,000 would leave BTC roughly 3% from the $60,000 put, where $1.17 billion in open interest sits, with derivatives signals in focus.
Bitcoin is trading near $62,900 heading into the weekend, just below the $62,000 level that the market is watching closely for direction, according to CryptoSlate.
CryptoSlate points to $62,000 as the immediate price test, saying a sustained break would put Bitcoin about 3% from the $60,000 put, which carries $1.17 billion in open interest, per a CoinGlass snapshot. The coverage also notes that Deribit has already settled about $9.6 billion in monthly Bitcoin options, with live expiry data placing July notional near $9.7 billion.
The weekend setup includes liquidity conditions across major venues, including Binance, Coinbase, Kraken, OKX, and Bybit, where capital positioned within 1% of spot is expected to influence how far orders move if nearby liquidity thins. CryptoSlate adds that traders are also watching whether aggregate nearby depth declines by at least 15% across three major venues to confirm a market-wide withdrawal of liquidity.
On the derivatives side, CryptoSlate says the bearish case starts with sustained trading under $62,000, rather than a brief wick, and would be supported by spot selling leading futures, open interest expanding during the decline, and perpetual funding holding neutral to positive. Under that scenario, CryptoSlate frames $60,000 as the next downside reference point.
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