Bitcoin Weak Below $60K as Traders Eye Major Macro and Regulatory Week

Bitcoin gained 0.6% to $59,800 at the start of the week, while Solana added around 2%, although derivatives positioning and technical indicators continue to signal persistent downside risk.

Crypto markets remain fragile heading into month-end, with BTC still below $60,000 and ETH under $1,600. Bitcoin has now fallen more than 50% from its October peak, with analysts cautioning that further weakness may still unfold.

BTC’s modest intraday rise has done little to change the broader picture, with the asset up 0.6% since midnight UTC but still trading within a bearish market structure.

Solana has recovered after briefly dropping to its lowest level since late 2023 earlier this month, rising more than 13% since Thursday and about 2% overnight.

U.S. equity futures also moved higher, with Nasdaq 100 futures up 1% and S&P 500 futures gaining 0.75%, though both remain in a broader downtrend from recent highs.

Derivatives positioning

More than $200 million in futures positions were liquidated over the past 24 hours, with long positions taking most of the damage. In the latest four-hour window, nearly $20 million in liquidations skewed toward shorts, suggesting BTC’s rebound toward $60,000 caught bearish traders off guard.

Futures activity remains relatively subdued. Bitcoin open interest has fallen back to levels seen earlier in the month, fully erasing Friday’s spike to 775,000 BTC, pointing to reduced leverage appetite.

Ether shows a similar pattern, with open interest holding near 14.2 million ETH.

Solana stands out with elevated positioning at 72.7 million SOL, just below recent highs above 76 million, indicating continued potential for volatility.

AVAX gained more than 5% last week, but open interest has continued to decline to 38.07 million tokens—its lowest since early April—raising questions about the sustainability of the move.

The 24-hour OI-adjusted cumulative volume delta remains broadly negative across major tokens. Aside from TRX, XMR, and ZEC, most assets show bearish readings, reflecting ongoing sell pressure driven by market orders.

Volatility indicators, however, suggest some stabilization. The BVIV index, tracking BTC’s 30-day implied volatility, dropped 5% to 47%, pausing its recent rise and hinting at expectations for calmer trading conditions—often associated with gradual, spot-led moves.

Options markets continue to lean defensive. On Deribit, BTC and ETH positioning remains skewed toward downside protection. The $60,000 BTC put now carries nearly $1 billion in notional open interest, close to the $1.11 billion concentrated at the $80,000 call. These levels have anchored positioning for months. If BTC breaks lower, the next major cluster sits at $50,000, with about $712 million in open interest.

In shorter-dated flows, traders have been selling strangles in the July 10 expiry HYPE options on Derive, a strategy that benefits from low volatility and sideways price action.

Token trends

Altcoins remain largely rangebound, tracking bitcoin’s direction as speculative appetite stays muted while traders await a clearer market catalyst.

Privacy coins DASH and ZEC rose more than 2% on Monday after steep declines of 18%–30% over the past two weeks, suggesting a short-term relief bounce rather than a sustained recovery.

PUMP slipped 1.5% since midnight, alongside AI token FET, which also traded lower.

CoinMarketCap’s “Altcoin Season” index remains at 49/100, unchanged throughout June, reflecting a market still heavily driven by bitcoin’s direction.